Gabelli Small Cap Growth Fund (GABSX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number            811-06367                

                Gabelli Equity Series Funds, Inc.                

(Exact name of registrant as specified in charter)

One Corporate Center

                         Rye, New York 10580-1422                        

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

                         Rye, New York 10580-1422                        

(Name and address of agent for service)

Registrant’s telephone number, including area code:  1-800-422-3554

Date of fiscal year end:  September 30

Date of reporting period:   March 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

The Gabelli Equity Income Fund

Semiannual Report — March 31, 2020

To Our Shareholders,

For the six months ended March 31, 2020, the net asset value (NAV) per Class AAA Share of The Gabelli Equity Income Fund decreased 19.7% compared with a decrease of 12.3% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See below for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2020.

Comparative Results

Average Annual Returns through March 31, 2020 (a)(b) (Unaudited)																Since
																Inception
	Six Months			1 Year			5 Year			10 Year			15 Year			(01/02/92)
Class AAA (GABEX)		(19.71	)%		(18.67	)%		(0.50	)%		5.74	%		5.19	%		8.43	%
S&P 500 Index		(12.31	)		(6.98	)		6.73			10.53			7.58			8.85	(c)
Nasdaq Composite Index		(3.15	)		0.77			10.76			13.76			10.65			10.21	(c)
Lipper Equity Income Fund Average		(18.11	)		(12.85	)		3.23			7.79			5.73			7.57
Class A (GCAEX)		(19.73	)		(18.68	)		(0.51	)		5.74			5.19			8.43
With sales charge (d)		(24.35	)		(23.35	)		(1.68	)		5.11			4.77			8.20
Class C (GCCEX)		(20.07	)		(19.37	)		(1.26	)		4.94			4.40			7.97
With contingent deferred sales charge (e)		(20.87	)		(20.17	)		(1.26	)		4.94			4.40			7.97
Class I (GCIEX)		(19.63	)		(18.51	)		(0.25	)		6.00			5.41			8.55
In the current prospectuses dated January 28, 2020, the expense ratios for Class AAA, A, C, and I Shares are 1.46%, 1.46%, 2.21%, and 1.21%, respectively. See page 10 for the expense ratios for the six months ended March 31, 2020. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2003, and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. The Nasdaq Composite Index is an unmanaged indicator of stock market performance. The Lipper Equity Income Fund Average includes the 30 largest equity funds in this category tracked by Lipper, Inc. Dividends are considered reinvested, except for the Nasdaq Composite Index. You cannot invest directly in an index.

(b) The Fund’s fiscal year ends September 30.

(c) S&P 500 Index and Nasdaq Composite Index since inception performance figures are as of December 31, 1991.

(d) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(e) Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call800-422-3554 or send an email request to info@gabelli.com.

The Gabelli Equity Income Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from October 1, 2019 through March 31, 2020	Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return:This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’sactualreturn during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return:This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used isnotthe Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 10/01/19			Ending Account Value 03/31/20			Annualized Expense Ratio			Expenses Paid During Period*
The Gabelli Equity Income Fund
Actual Fund Return
Class AAA		$	1,000.00		$	802.90		1.47	%		$	6.63
Class A		$	1,000.00		$	802.70		1.47	%		$	6.62
Class C		$	1,000.00		$	799.30		2.22	%		$	9.99
Class I		$	1,000.00		$	803.70		1.22	%		$	5.50
Hypothetical 5% Return
Class AAA		$	1,000.00		$	1,017.65		1.47	%		$	7.41
Class A		$	1,000.00		$	1,017.65		1.47	%		$	7.41
Class C		$	1,000.00		$	1,013.90		2.22	%		$	11.18
Class I		$	1,000.00		$	1,018.90		1.22	%		$	6.16

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 366.

2

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2020:

The Gabelli Equity Income Fund

Food and Beverage	20.4	%
Financial Services	13.9	%
Consumer Products	8.1	%
Telecommunications	5.2	%
Health Care	5.2	%
Retail	5.0	%
Diversified Industrial	4.8	%
Business Services	4.2	%
Automotive: Parts and Accessories	3.4	%
Equipment and Supplies	3.3	%
Energy and Utilities: Oil	2.3	%
Machinery	2.2	%
Entertainment	2.1	%
Electronics	1.9	%
Energy and Utilities: Natural Gas	1.8	%
Computer Software and Services	1.7	%
Metals and Mining	1.6	%
Transportation	1.5	%
Computer Hardware	1.3	%
Wireless Communications	1.2	%
Building and Construction	1.1	%
Aerospace	1.1	%

Specialty Chemicals	0.9	%
Automotive	0.8	%
Cable and Satellite	0.8	%
Energy and Utilities: Integrated	0.8	%
Aviation: Parts and Services	0.6	%
Agriculture	0.5	%
Paper and Forest Products	0.5	%
Environmental Services	0.4	%
Energy and Utilities: Water	0.4	%
Energy and Utilities: Electric	0.4	%
Hotels and Gaming	0.3	%
Energy and Utilities: Services	0.3	%
Broadcasting	0.3	%
Consumer Services	0.2	%
Communications Equipment	0.2	%
Real Estate	0.1	%
Publishing	0.0	%*
Other Assets and Liabilities (Net)	(0.8	)%
	100.0	%

* Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on FormN-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at800-GABELLI(800-422-3554). The Fund’s FormN-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling800-SEC-0330.

Proxy Voting

The Fund files FormN-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling800-GABELLI(800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

3

The Gabelli Equity Income Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 100.8%
		Aerospace — 1.1%
	56,500	Aerojet Rocketdyne Holdings Inc.†	$	299,453	$	2,363,395
	2,000	Lockheed Martin Corp.		47,350		677,900
	13,000	Rockwell Automation Inc.		390,550		1,961,830
	100,000	Rolls-Royce Holdings plc		603,349		423,058
				1,340,702		5,426,183
		Agriculture — 0.5%
	71,000	Archer-Daniels-Midland Co.		1,836,782		2,497,780
	12,000	The Mosaic Co.		186,246		129,840
				2,023,028		2,627,620
		Automotive — 0.8%
	154,000	Navistar International Corp.†		2,866,280		2,539,460
	25,000	PACCAR Inc.		1,106,118		1,528,250
				3,972,398		4,067,710
		Automotive: Parts and Accessories — 3.4%
	90,000	Dana Inc.		1,392,329		702,900
	242,500	Genuine Parts Co.(a)		10,097,134		16,327,525
				11,489,463		17,030,425
		Aviation: Parts and Services — 0.6%
	30,000	United Technologies Corp.		1,605,359		2,829,900
		Broadcasting — 0.3%
	38,000	Liberty Global plc, Cl. A†		841,273		627,380
	20,000	Liberty Global plc, Cl. C†		433,897		314,200
	34,500	MSG Networks Inc., Cl. A†		128,602		351,900
				1,403,772		1,293,480
		Building and Construction — 1.1%
	80,000	Fortune Brands Home & Security Inc.		800,540		3,460,000
	43,000	Herc Holdings Inc.†		1,371,812		879,780
	50,000	Johnson Controls International plc		879,939		1,348,000
				3,052,291		5,687,780
		Business Services — 4.2%
	19,000	Automatic Data Processing Inc.		718,499		2,596,920
	47,000	Mastercard Inc., Cl. A(a)		317,465		11,353,320
	2,400	MSC Industrial Direct Co. Inc., Cl. A		165,490		131,928
	34,000	Pentair plc		674,722		1,011,840
	23,000	S&P Global Inc.		954,302		5,636,150
				2,830,478		20,730,158
		Cable and Satellite — 0.8%
	10,000	AMC Networks Inc., Cl. A†		389,742		243,100
	162,000	DISH Network Corp., Cl. A†		3,232,240		3,238,380

Shares			Cost		Market Value
	16,000	EchoStar Corp., Cl. A†	$	389,202	$	511,520
				4,011,184		3,993,000
		Communications Equipment — 0.2%
	44,000	Corning Inc.		504,755		903,760
		Computer Hardware — 1.3%
	14,000	Apple Inc.		1,025,365		3,560,060
	25,000	International Business Machines Corp.		1,993,300		2,773,250
				3,018,665		6,333,310
		Computer Software and Services — 1.7%
	116,000	Hewlett Packard Enterprise Co.		691,655		1,126,360
	45,000	Microsoft Corp.		1,257,300		7,096,950
				1,948,955		8,223,310
		Consumer Products — 8.1%
	27,000	Altria Group Inc.		230,594		1,044,090
	28,000	Edgewell Personal Care Co.†		738,512		674,240
	53,000	Energizer Holdings Inc.		1,441,783		1,603,250
	30,000	Essity AB, Cl. A		529,907		918,873
	1,500	National Presto Industries Inc.		45,698		106,215
	41,000	Reckitt Benckiser Group plc		1,221,695		3,131,948
	520,000	Swedish Match AB		6,047,133		29,856,812
	56,500	Unilever NV		1,120,997		2,756,635
				11,376,319		40,092,063
		Consumer Services — 0.2%
	2,000	Allegion plc		23,512		184,040
	28,000	Rollins Inc.		41,758		1,011,920
				65,270		1,195,960
		Diversified Industrial — 4.8%
	80,000	Crane Co.		2,475,345		3,934,400
	55,000	Eaton Corp. plc		2,188,964		4,272,950
	6,500	Honeywell International Inc.		139,361		869,635
	8,824	Ingersoll Rand Inc.†		46,675		218,835
	48,000	ITT Inc.		961,318		2,177,280
	50,000	Jardine Matheson Holdings Ltd.		2,372,853		2,500,000
	178,000	Jardine Strategic Holdings Ltd.		4,191,229		3,951,600
	38,000	nVent Electric plc		365,955		641,060
	120,000	Textron Inc.		763,372		3,200,400
	228,000	Toray Industries Inc.		1,552,389		994,485
	10,000	Trane Technologies plc		160,959		825,900
	25,000	Trinity Industries Inc.		324,983		401,750
				15,543,403		23,988,295
		Electronics — 1.9%
	30,000	Sony Corp.		758,679		1,791,490
	58,000	Sony Corp., ADR		1,422,956		3,432,440
	52,000	TE Connectivity Ltd.		1,711,999		3,274,960

See accompanying notes to financial statements.

4

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Electronics (Continued)
	10,000	Texas Instruments Inc.	$	147,000	$	999,300
				4,040,634		9,498,190
		Energy and Utilities: Electric — 0.4%
	5,000	Avangrid Inc.		98,239		218,900
	40,000	Korea Electric Power Corp., ADR†		502,228		302,000
	200,000	Texas Competitive Electric Holdings Co. LLC, Escrow†(b)		0		0
	100,000	The AES Corp.		419,608		1,360,000
				1,020,075		1,880,900
		Energy and Utilities: Integrated — 0.8%
	115,000	Energy Transfer LP		259,150		529,000
	29,000	Eni SpA.		304,221		294,894
	6,500	Iberdrola SA, ADR		98,020		252,899
	58,000	OGE Energy Corp.		773,496		1,782,340
	28,000	PNM Resources Inc.		288,075		1,064,000
				1,722,962		3,923,133
		Energy and Utilities: Natural Gas — 1.8%
	153,000	National Fuel Gas Co.		6,328,470		5,705,370
	12,500	ONE Gas Inc.		51,690		1,045,250
	70,000	ONEOK Inc.		446,732		1,526,700
	7,500	Southwest Gas Holdings Inc.		153,948		521,700
				6,980,840		8,799,020
		Energy and Utilities: Oil — 2.3%
	61,000	Chevron Corp.		2,186,027		4,420,060
	7,000	ConocoPhillips		128,274		215,600
	29,000	Devon Energy Corp.		668,097		200,390
	15,000	Exxon Mobil Corp.		364,150		569,550
	75,000	Hess Corp.		3,678,524		2,497,500
	18,000	Marathon Petroleum Corp.		234,717		425,160
	20,000	Occidental Petroleum Corp.		430,145		231,600
	63,500	Royal Dutch Shell plc, Cl. A, ADR		2,745,961		2,215,515
	17,000	TOTAL SA, ADR		282,789		633,080
				10,718,684		11,408,455
		Energy and Utilities: Services — 0.3%
	215,000	Halliburton Co.		6,172,762		1,472,750
	36,000	Oceaneering International Inc.†		541,232		105,840
	10,000	Schlumberger Ltd.		206,840		134,900
				6,920,834		1,713,490
		Energy and Utilities: Water — 0.4%
	5,000	Essential Utilities Inc.		36,851		203,500
	60,000	Severn Trent plc		1,568,506		1,699,189
				1,605,357		1,902,689

Shares			Cost		Market Value
		Entertainment — 2.1%
	32,000	Grupo Televisa SAB, ADR	$	419,944	$	185,600
	10,000	The Madison Square Garden Co., Cl. A†		294,928		2,114,100
	455,000	ViacomCBS Inc., Cl. A		15,965,217		8,112,650
				16,680,089		10,412,350
		Environmental Services — 0.4%
	20,000	Republic Services Inc.		676,000		1,501,200
	6,000	Waste Management Inc.		173,464		555,360
				849,464		2,056,560
		Equipment and Supplies — 3.3%
	10,000	A.O. Smith Corp.		26,646		378,100
	16,000	Danaher Corp.		467,288		2,214,560
	171,500	Flowserve Corp.		2,195,435		4,097,135
	58,000	Graco Inc.		976,289		2,826,340
	22,000	Minerals Technologies Inc.		757,033		797,720
	158,000	Mueller Industries Inc.		3,000,533		3,782,520
	16,000	Parker-Hannifin Corp.		835,168		2,075,680
				8,258,392		16,172,055
		Financial Services — 13.9%
	5,500	Alleghany Corp.		835,930		3,037,925
	28,000	AllianceBernstein Holding LP		210,273		520,520
	44,000	American Express Co.(a)		716,580		3,766,840
	21,500	Ameris Bancorp		229,000		510,840
	8,000	Argo Group International Holdings Ltd.		151,092		296,480
	5,195	Banco Santander Chile, ADR		29,250		78,600
	150,000	Bank of America Corp.		966,810		3,184,500
	13,056	BNP Paribas SA		580,935		396,130
	32,000	Eaton Vance Corp.		911,477		1,032,000
	46,000	Interactive Brokers Group Inc., Cl. A		685,105		1,985,820
	15,000	Jefferies Financial Group Inc.		263,160		205,050
	15,000	JPMorgan Chase & Co.		291,084		1,350,450
	60,000	Julius Baer Group Ltd.		1,954,717		2,059,013
	51,000	Kinnevik AB, Cl. A		1,057,320		850,640
	90,000	Loews Corp.		3,372,903		3,134,700
	20,000	M&T Bank Corp.		1,692,223		2,068,600
	34,000	Marsh & McLennan Cos. Inc.		955,631		2,939,640
	21,000	Morgan Stanley		472,824		714,000
	9,000	Popular Inc.		158,610		315,000
	130,000	SLM Corp.		640,624		934,700
	125,000	State Street Corp.		5,702,036		6,658,750
	270,000	Sterling Bancorp		2,896,474		2,821,500
	8,000	T. Rowe Price Group Inc		148,674		781,200
	330,000	The Bank of New York Mellon Corp.(a)		8,272,209		11,114,400
	18,500	The Goldman Sachs Group Inc.		2,239,746		2,859,915

See accompanying notes to financial statements.

5

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Financial Services (Continued)
	50,000	The Hartford Financial Services
		Group Inc.	$	1,572,455	$	1,762,000
	87,000	The PNC Financial Services Group Inc.(a)		4,577,784		8,327,640
	1,000	The Travelers Companies Inc.		39,798		99,350
	53,000	Valley National Bancorp		331,250		387,430
	55,000	Waddell & Reed Financial Inc., Cl. A		908,850		625,900
	138,000	Wells Fargo & Co.		3,947,328		3,960,600
				46,812,152		68,780,133
		Food and Beverage — 20.4%
	1,000	Anheuser-Busch InBev SA/NV		15,876		44,634
	320,000	Brown-Forman Corp., Cl. A		4,904,546		16,441,600
	40,000	Campbell Soup Co.		1,242,071		1,846,400
	80,000	Coca-Cola Amatil Ltd., ADR		246,845		436,000
	20,000	Coca-Cola European Partners plc		450,000		750,600
	10,000	Coca-Cola Femsa SAB de CV, ADR		340,563		402,300
	6,500	Constellation Brands Inc., Cl. A		80,622		931,840
	55,000	Danone SA		2,430,944		3,557,075
	650,000	Davide Campari-Milano SpA		2,192,154		4,695,599
	61,000	Diageo plc, ADR		3,484,375		7,754,320
	90,000	Fomento Economico Mexicano SAB de CV, ADR		2,156,414		5,445,900
	1,000	General Mills Inc.		26,640		52,770
	1,900,000	Grupo Bimbo SAB de CV, Cl. A		1,521,524		2,786,426
	108,000	Heineken NV		5,066,309		9,071,667
	170,000	ITO EN Ltd.		3,204,919		9,043,478
	23,000	Kellogg Co.		1,200,889		1,379,770
	2,000	McCormick & Co. Inc., Cl. V		137,120		284,860
	18,000	McCormick & Co. Inc.,
		Non-Voting		804,870		2,541,780
	44,000	Mondelēz International Inc., Cl. A		792,620		2,203,520
	41,000	Nestlé SA		837,779		4,236,312
	75,000	Nissin Foods Holdings Co. Ltd.		2,386,687		6,277,610
	42,500	PepsiCo Inc.		2,756,055		5,104,250
	32,000	Pernod Ricard SA		2,729,433		4,568,656
	53,500	Remy Cointreau SA		3,152,843		5,879,867
	36,000	Sapporo Holdings Ltd.		810,532		667,268
	10,000	The Coca-Cola Co.		208,400		442,500
	1,000	The Hershey Co.		36,300		132,500
	50,000	The Kraft Heinz Co.		1,403,471		1,237,000
	20,001	Tootsie Roll Industries Inc.		337,116		719,236
	35,000	Yakult Honsha Co. Ltd.		868,590		2,079,981
				45,826,507		101,015,719
		Health Care — 5.2%
	9,000	Abbott Laboratories		204,847		710,190

Shares			Cost		Market Value
	4,000	AbbVie Inc.	$	99,413	$	304,760
	4,000	Alcon Inc.†		133,378		203,280
	78,000	Baxter International Inc.		1,729,585		6,332,820
	6,500	Bio-Rad Laboratories Inc., Cl. A†		638,135		2,278,640
	124,500	Bristol-Myers Squibb Co.		2,992,983		6,939,630
	74,000	Demant A/S†		716,237		1,646,364
	8,000	GlaxoSmithKline plc, ADR		327,365		303,120
	33,000	Henry Schein Inc.†		333,488		1,667,160
	17,000	Merck & Co. Inc.		315,531		1,307,980
	16,000	Novartis AG, ADR		780,337		1,319,200
	20,000	Pfizer Inc.		336,990		652,800
	45,000	Roche Holding AG, ADR		826,666		1,825,650
	2,700	Zimmer Biomet Holdings Inc.		141,004		272,916
				9,575,959		25,764,510
		Hotels and Gaming — 0.3%
	55,000	MGM Resorts International		597,717		649,000
	26,000	Ryman Hospitality Properties Inc., REIT		1,035,082		932,100
	2,500	Wynn Resorts Ltd.		100,629		150,475
				1,733,428		1,731,575
		Machinery — 2.2%
	6,000	Caterpillar Inc.		35,181		696,240
	68,000	Deere & Co.		2,509,764		9,394,880
	14,000	Xylem Inc.		342,115		911,820
				2,887,060		11,002,940
		Metals and Mining — 1.6%
	150,000	Freeport-McMoRan Inc.		1,658,518		1,012,500
	150,000	Newmont Corp.		3,559,052		6,792,000
				5,217,570		7,804,500
		Paper and Forest Products — 0.5%
	25,000	Svenska Cellulosa AB SCA, Cl. A†		101,961		252,715
	130,000	Weyerhaeuser Co., REIT		2,069,077		2,203,500
				2,171,038		2,456,215
		Publishing — 0.0%
	3,000	Value Line Inc.		41,976		97,050
		Real Estate — 0.1%
	9,000	Griffin Industrial Realty Inc.		219,808		294,300
		Retail — 5.0%
	16,000	Cie Financiere Richemont SA		540,728		882,036
	36,500	Copart Inc.†		323,966		2,500,980
	13,000	Costco Wholesale Corp.		610,643		3,706,690
	100,000	CVS Health Corp.		3,318,263		5,933,000
	77,500	Ingles Markets Inc., Cl. A		1,229,619		2,802,400
	80,000	Macy’s Inc.		871,295		392,800
	84,000	Seven & i Holdings Co. Ltd.		2,505,480		2,793,620
	11,800	The Home Depot Inc.		325,694		2,203,178

See accompanying notes to financial statements.

6

The Gabelli Equity Income Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Retail (Continued)
	70,000	Walgreens Boots Alliance Inc.	$	2,049,169	$	3,202,500
	2,000	Walmart Inc.		86,680		227,240
	9,000	Weis Markets Inc.		270,432		374,940
				12,131,969		25,019,384
		Specialty Chemicals — 0.9%
	10,000	Albemarle Corp.		102,314		563,700
	3,000	Ashland Global Holdings Inc.		67,390		150,210
	70,000	Ferro Corp.†		123,575		655,200
	8,000	FMC Corp.		161,197		653,520
	46,000	H.B. Fuller Co.		950,216		1,284,780
	2,400	NewMarket Corp.		9,263		918,888
	600	Quaker Chemical Corp.		6,478		75,768
				1,420,433		4,302,066
		Telecommunications — 5.2%
	1,000	AT&T Inc.		23,900		29,150
	124,000	BCE Inc.		2,293,501		5,066,640
	185,000	Deutsche Telekom AG, ADR†		2,454,998		2,393,900
	28,000	Loral Space & Communications Inc.†		1,078,282		455,000
	12,000	Orange SA, ADR		138,547		144,960
	13,000	Proximus SA		318,676		299,228
	24,500	Telefonica SA, ADR		80,420		111,965
	166,000	Telephone & Data Systems Inc.		4,493,088		2,782,160
	94,000	TELUS Corp.		713,431		1,483,320
	244,000	Verizon Communications Inc.(a)		8,027,789		13,110,120
				19,622,632		25,876,443

Shares			Cost		Market Value
		Transportation — 1.5%
	119,000	GATX Corp.	$	3,667,240	$	7,444,640
		Wireless Communications — 1.2%
	100,000	BT Group plc, Cl. A		277,705		146,443
	189,000	NTT DOCOMO Inc.		2,736,583		5,935,857
	20,000	Turkcell Iletisim Hizmetleri A/S, ADR		91,562		93,000
				3,105,850		6,175,300
		TOTAL COMMON STOCKS		277,416,995		499,954,571
		TOTAL INVESTMENTS — 100.8%	$	277,416,995		499,954,571
		Other Assets and Liabilities (Net) — (0.8)%				(4,017,192	)
		NET ASSETS — 100.0%			$	495,937,379

(a) Securities, or a portion thereof, with a value of $31,606,700 were deposited with Pershing LLC.

(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

† Non-income producing security.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

7

The Gabelli Equity Income Fund

Statement of Assets and Liabilities

March 31, 2020 (Unaudited)

Assets:
Investments, at value (cost $277,416,995)	$	499,954,571
Cash		16,902
Deposit at brokers		5
Receivable for investments sold		2,850,000
Receivable for Fund shares sold		144,894
Dividends receivable		1,937,807
Prepaid expenses		37,278
Total Assets		504,941,457
Liabilities:
Line of credit payable		7,264,000
Payable for Fund shares redeemed		813,569
Payable for investment advisory fees		448,455
Payable for distribution fees		122,483
Payable for accounting fees		7,500
Other accrued expenses		348,071
Total Liabilities.		9,004,078
Net Assets
(applicable to 49,243,878 shares outstanding)	$	495,937,379
Net Assets Consist of:
Paid-in capital	$	199,648,998
Total distributable earnings		296,288,381
Net Assets	$	495,937,379
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($252,250,921 ÷ 24,167,857 shares outstanding; 150,000,000 shares authorized)		$10.44
Class A:
Net Asset Value and redemption price per share ($57,896,402 ÷ 5,599,512 shares outstanding; 50,000,000 shares authorized)		$10.34
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$10.97
Class C:
Net Asset Value and offering price per share ($58,016,587 ÷ 8,177,402 shares outstanding; 50,000,000 shares authorized)		$  7.09	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($127,773,469 ÷ 11,299,107 shares outstanding; 50,000,000 shares authorized)		$11.31

(a) Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $111,555)	$	7,259,364
Non-cash dividends		411,080
Interest		47
Total Investment Income		7,670,491
Expenses:
Investment advisory fees		3,469,343
Distribution fees - Class AAA		435,730
Distribution fees - Class A		98,257
Distribution fees - Class C		413,501
Shareholder services fees		327,536
Interest expense		134,074
Shareholder communication expenses		92,443
Custodian fees		61,750
Registration expenses		42,826
Legal and audit fees		29,773
Accounting fees		22,500
Directors’ fees		22,090
Miscellaneous expenses		34,444
Total Expenses		5,184,267
Less:
Expenses paid indirectly by broker (See Note 6)		(3,990	)
Net Expenses.		5,180,277
Net Investment Income		2,490,214
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		107,087,666
Net realized gain on foreign currency transactions		2,638
Net realized gain on investments and foreign currency transactions		107,090,304
Net change in unrealized appreciation/depreciation:
on investments		(231,427,326	)
on foreign currency translations		12,805
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(231,414,521	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(124,324,217	)
Net Decrease in Net Assets Resulting from Operations	$	(121,834,003	)

See accompanying notes to financial statements.

8

The Gabelli Equity Income Fund

Statement of Changes in Net Assets

	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
Operations:
Net investment income		$	2,490,214			$	6,418,727
Net realized gain on investments and foreign currency transactions			107,090,304				196,762,218
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(231,414,521	)			(230,703,306	)
Net Decrease in Net Assets Resulting from Operations			(121,834,003	)			(27,522,361	)
Distributions to Shareholders:
Class AAA.			(15,256,544	)*			(92,298,815	)
Class A			(3,485,624	)*			(16,960,746	)
Class C			(5,242,551	)*			(36,745,051	)
Class I			(7,417,197	)*			(53,493,080	)
			(31,401,916	)			(199,497,692	)
Return of capital
Class AAA.			—				(24,603,802	)
Class A			—				(5,770,903	)
Class C			—				(6,210,850	)
Class I			—				(9,279,754	)
			—				(45,865,309	)
Total Distributions to Shareholders			(31,401,916	)			(245,363,001	)
Capital Share Transactions:
Class AAA			(48,052,392	)			(15,978,648	)
Class A			2,805,954				10,674,357
Class C			(22,663,718	)			(27,546,923	)
Class I			(42,644,811	)			(76,334,869	)
Net Decrease in Net Assets from Capital Share Transactions			(110,554,967	)			(109,186,083	)
Redemption Fees			1,200				2,975
Net Decrease in Net Assets			(263,789,686	)			(382,068,470	)
Net Assets:
Beginning of year			759,727,065				1,141,795,535
End of period		$	495,937,379			$	759,727,065

* Based on year to date book income. Amounts are subject to change and recharacterization at year end.

See accompanying notes to financial statements.

9

The Gabelli Equity Income Fund

Financial Highlights

Selected data for a share of capital stock outstanding throughout each period:

				Income (Loss) from																																					Ratios to Average Net Assets/
				Investment Operations												Distributions																									Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain/(Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain on Investments				Return of Capital				Total Distributions				Redemption Fees (a)(b)			Net Asset Value, End of Period			Total Return †			Net Assets End of period (in 000’s)			Net Investment Income (Loss)			Operating Expenses(c)(d)			Portfolio Turnover Rate
Class AAA
2020(e)		$	13.61		$	0.05	(f)		$	(2.62	)		$	(2.57	)		$	(0.50	)*		$	(0.10	)*			—			$	(0.60	)		$	0.00		$	10.44		(19.71	)%		$	252,251		0.74	%(f)(g)		1.47	%(g)		0	%(h)
2019			19.09			0.13				(0.38	)			(0.25	)			(0.15	)			(3.72	)		$	(1.36	)			(5.23	)			0.00			13.61		(1.09	)			377,589		0.76			1.45			1
2018			22.84			0.19				1.34				1.53				(0.20	)			(3.68	)			(1.40	)			(5.28	)			0.00			19.09		6.77				521,485		0.82			1.40			0	(h)
2017			24.06			0.24				2.97				3.21				(0.25	)			(3.33	)			(0.85	)			(4.43	)			0.00			22.84		13.91				662,696		0.97			1.39			1
2016			25.08			0.26				2.72				2.98				(0.26	)			(2.35	)			(1.39	)			(4.00	)			0.00			24.06		11.31				833,154		0.99			1.39			1
2015			28.55			0.25				(1.71	)			(1.46	)			(0.18	)			(1.83	)			—				(2.01	)			0.00			25.08		(5.40	)			985,647		0.88			1.37			3
Class A
2020(e)		$	13.49		$	0.05	(f)		$	(2.60	)		$	(2.55	)		$	(0.50	)*		$	(0.10	)*			—			$	(0.60	)		$	0.00		$	10.34		(19.73	)%		$	57,896		0.74	%(f)(g)		1.47	%(g)		0	%(h)
2019			18.97			0.13				(0.38	)			(0.25	)			(0.15	)			(3.72	)		$	(1.36	)			(5.23	)			0.00			13.49		(1.08	)			72,778		0.76			1.45			1
2018			22.73			0.19				1.33				1.52				(0.20	)			(3.68	)			(1.40	)			(5.28	)			0.00			18.97		6.76				86,332		0.82			1.40			0	(h)
2017			23.96			0.24				2.96				3.20				(0.25	)			(3.33	)			(0.85	)			(4.43	)			0.00			22.73		13.92				115,702		0.96			1.39			1
2016			24.99			0.26				2.71				2.97				(0.26	)			(2.35	)			(1.39	)			(4.00	)			0.00			23.96		11.31				160,593		0.99			1.39			1
2015			28.45			0.26				(1.71	)			(1.45	)			(0.18	)			(1.83	)			—				(2.01	)			0.00			24.99		(5.38	)			183,418		0.90			1.37			3
Class C
2020(e)		$	9.48		$	(0.00	)(b)(f)		$	(1.79	)		$	(1.79	)		$	(0.50	)*		$	(0.10	)*			—			$	(0.60	)		$	0.00		$	7.09		(20.07	)%		$	58,017		(0.01	%)(f)(g)		2.22	%(g)		0	%(h)
2019			15.03			(0.00	)(b)			(0.32	)			(0.32	)			(0.05	)			(3.72	)		$	(1.46	)			(5.23	)			0.00			9.48		(1.87	)			100,467		(0.00	)(i)		2.20			1
2018			19.17			0.01				1.13				1.14				(0.07	)			(3.68	)			(1.53	)			(5.28	)			0.00			15.03		6.02				176,167		0.07			2.15			0	(h)
2017			20.99			0.05				2.56				2.61				(0.10	)			(3.33	)			(1.00	)			(4.43	)			0.00			19.17		13.04				246,690		0.22			2.14			1
2016			22.48			0.06				2.45				2.51				(0.09	)			(2.35	)			(1.56	)			(4.00	)			0.00			20.99		10.51				306,349		0.24			2.14			1
2015			25.99			0.04				(1.54	)			(1.50	)			(0.18	)			(1.83	)			—				(2.01	)			0.00			22.48		(6.10	)			329,846		0.15			2.12			3
Class I
2020(e)		$	14.68		$	0.07	(f)		$	(2.84	)		$	(2.77	)		$	(0.50	)*		$	(0.10	)*			—			$	(0.60	)		$	0.00		$	11.31		(19.63	)%		$	127,773		0.99	%(f)(g)		1.22	%(g)		0	%(h)
2019			20.13			0.19				(0.41	)			(0.22	)			(0.19	)			(3.72	)		$	(1.32	)			(5.23	)			0.00			14.68		(0.86	)			208,893		1.00			1.20			1
2018			23.75			0.26				1.40				1.66				(0.26	)			(3.68	)			(1.34	)			(5.28	)			0.00			20.13		7.07				357,812		1.08			1.15			0	(h)
2017			24.80			0.31				3.07				3.38				(0.31	)			(3.33	)			(0.79	)			(4.43	)			0.00			23.75		14.19				443,912		1.21			1.14			1
2016			25.68			0.33				2.79				3.12				(0.32	)			(2.35	)			(1.33	)			(4.00	)			0.00			24.80		11.59				484,305		1.24			1.14			1
2015			29.11			0.34				(1.76	)			(1.42	)			(0.18	)			(1.83	)			—				(2.01	)			0.00			25.68		(5.15	)			663,429		1.15			1.12			3

  † Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

  * Based on year to date book income. Amounts are subject to change and recharacterization at year end.

(a) Per share amounts have been calculated using the average shares outstanding method.

(b) Amount represents less than $0.005 per share.

(c) The Fund incurred interest expense during the six months ended March 31, 2020 and the fiscal years ended September 30, 2019, 2018, and 2017. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.43%, 1.40%, 1.39%, and 1.38% (Class AAA and Class A), 2.18%, 2.15%, 2.14%, and 2.13% (Class C), and 1.18%, 1.15%, 1.14%, and 1.13% (Class I), respectively. For the fiscal years ended September 30, 2016, and 2015, the effect of interest expense was minimal.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2020 and the fiscal years ended September 30, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

(e) For the six months ended March 31, 2020, unaudited.

 (f) Includes income resulting from special dividends. Without these dividends, the per share income (loss) amounts would have been $0.04 (Class AAA and Class A), $(0.01) (Class C), and $0.06 (Class I), respectively, and the net investment income (loss) ratio would have been 0.62% (Class AAA), 0.63% (Class A), (0.13)% (Class C), and 0.87% (Class I), respectively.

(g) Annualized.

(h) Amount represents less than 0.5%.

 (i) Amount represents less than 0.005%.

See accompanying notes to financial statements.

10

The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited)

1. Organization.The Gabelli Equity Income Fund is a series of the Gabelli Equity Series Funds, Inc. (the Corporation). The Corporation was incorporated on July 25, 1991 in Maryland. The Fund is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and one of four separately managed portfolios of the Corporation. The Fund seeks to provide a high level of total return on its assets with an emphasis on income. The Fund commenced investment operations on January 2, 1992.

2. Significant Accounting Policies.As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required, even if early adoption is elected for the removals and modifications under ASU2018-13. Management has early adopted the removals and modifications set forth in ASU2018-13 in these financial statements and has not early adopted the additions set forth in ASU2018-13.

Security Valuation.Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S.over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations

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received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial andnon-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1 — quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs		Level 3 Other Significant Observable Inputs			Total Market Value at 3/31/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Energy and Utilities: Electric		$	1,880,900		—		$	0		$	1,880,900
Other Industries (a)			498,073,671		—			—			498,073,671
Total Common Stocks			499,954,571		—			0			499,954,571
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	499,954,571		—		$	0		$	499,954,571

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

The Fund did not have transfers into or out of Level 3 during the six months ended March 31, 2020.

Additional Information to Evaluate Qualitative Information.

General.The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual

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transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation.Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments.The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives tradedover-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported separately in the Statement of Assets and Liabilities.

The Fund’s derivative contracts held at March 31, 2020, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Options.The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund. As a writer of put options, the Fund receives a premium at the outset and then bears the risk of unfavorable changes in the price of the financial instrument underlying the option. The

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Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates.

As a purchaser of call options, the Fund pays a premium for the right to buy the underlying security at a specified price. The seller of the call has the obligation to sell the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would realize a loss upon sale or exercise. If the price of the underlying security increases or stays the same, the Fund would realize a gain upon sale or at expiration date, but only to the extent of the premium paid.

As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of the put has the obligation to purchase the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, the Fund would realize a loss upon sale or at expiration date, but only to the extent of the premium paid.

If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In the case of call options, the exercise prices are referred to as“in-the-money,”“at-the-money,” and“out-of-the-money,” respectively. The Fund may write(a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period,(b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the option period, and(c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option.Out-of-the-money,at-the-money, andin-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. At March 31, 2020, the Fund held no option positions.

Securities Sold Short.The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on theex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions, which is adjusted periodically as the value of the position fluctuates. During the six months ended March 31, 2020, there were no short sales.

Foreign Currency Translations.The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes

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Notes to Financial Statements (Unaudited) (Continued)

in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities.The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes.The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities.The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in theover-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2020, the Fund held no restricted securities.

Investments in other Investment Companies.The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata port on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2020, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than 1%.

Securities Transactions and Investment Income.Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on theex-dividend date, except for certain dividends from foreign securities that are recorded as soon after theex-dividend date as the Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses.Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average

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net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders.Distributions to shareholders are recorded on theex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2019 was as follows:

Distributions paid from:
Ordinary income	$	7,210,893
Net long term capital gains		192,286,799
Return of capital		45,865,309
Total distributions paid	$	245,363,001

The Fund has a fixed distribution policy. Under the policy, the Fund declares and pays monthly distributions from net investment income, capital gains, andpaid-in capital. The actual source of the distribution is determined after the end of the calendar year. Pursuant to this policy, distributions during the calendar year are made in excess of required distributions. To the extent such distributions are made from current earnings and profits, they are considered ordinary income or long term capital gains. Distributions sourced frompaid-in capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board continues to evaluate its distribution policy in light of ongoing economic and market conditions and may change the amount of the monthly distributions in the future.

Provision for Income Taxes.The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

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The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2020:

	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation
Investments		$	279,374,846		$	254,386,379		$	(33,806,654	)		$	220,579,725

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are“more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet themore-likely-than-not threshold. During the six months ended March 31, 2020, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2020, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions.The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Corporation pays each Director who is not considered an affiliated person an annual retainer of $18,000 plus $2,000 for each Board meeting attended, and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended. The Chairman of the Audit Committee receives a $3,000 annual fee, and the Lead Director receives an annual fee of $2,000. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

4. Distribution Plan.The Fund’s Board has adopted a distribution plan for each class of shares, except for Class I Shares, pursuant to Rule12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities.Purchases and sales of securities during the six months ended March 31, 2020, other than short term securities and U.S. Government obligations, aggregated $1,439,572 and $174,636,322, respectively.

6. Transactions with Affiliates and Other Arrangements.During the six months ended March 31, 2020, the Fund paid $59,462 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $39,066 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

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The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited) (Continued)

During the six months ended March 31, 2020, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $3,990.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2020, the Fund accrued $22,500 in connection with the cost of computing the Fund’s NAV.

7. Line of Credit.The Fund participates in an unsecured line of credit, which expires on March 3, 2021 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “interest expense” in the Statement of Operations. At March 31, 2020, there was $7,264,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended March 31, 2020 was $6,560,041 with a weighted average interest rate of 2.97%. The maximum amount borrowed at any time during the six months ended March 31, 2020 was $35,915,000.

8. Capital Stock.The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximumfront-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase inpaid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2020 and the fiscal year ended September 30, 2019, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

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The Gabelli Equity Income Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:

	Six Months Ended
	March 31, 2020						Year Ended
	(Unaudited)						September 30, 2019
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		289,529		$	3,896,584			551,364		$	9,573,175
Shares issued upon reinvestment of distributions		1,124,398			14,761,332			7,879,869			113,070,696
Shares redeemed		(4,984,371	)		(66,710,308	)		(8,006,331	)		(138,622,519	)
Net increase/(decrease)		(3,570,444	)	$	(48,052,392	)		424,902		$	(15,978,648	)
Class A
Shares sold		1,524,814		$	20,571,758			1,344,564		$	23,616,884
Shares issued upon reinvestment of distributions		254,608			3,309,322			1,513,270			21,444,473
Shares redeemed		(1,574,793	)		(21,075,126	)		(2,013,390	)		(34,387,000	)
Net increase		204,629		$	2,805,954			844,444		$	10,674,357
Class C
Shares sold		1,001,447		$	9,505,939			1,736,090		$	22,864,320
Shares issued upon reinvestment of distributions		521,145			4,702,504			3,798,546			39,055,202
Shares redeemed		(3,940,798	)		(36,872,161	)		(6,663,277	)		(89,466,445	)
Net decrease		(2,418,206	)	$	(22,663,718	)		(1,128,641	)	$	(27,546,923	)
Class I
Shares sold		745,800		$	10,928,950			1,730,545		$	31,554,186
Shares issued upon reinvestment of distributions		491,078			6,981,696			3,787,581			58,581,403
Shares redeemed		(4,168,206	)		(60,555,457	)		(9,066,293	)		(166,470,458	)
Net decrease		(2,931,328	)	$	(42,644,811	)		(3,548,167	)	$	(76,334,869	)

9. Indemnifications.The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Subsequent Events.Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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The Gabelli Equity Income Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited)

During the six months ended March 31, 2020, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the Directors (the Independent Board Members) who are not “interested persons” of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services.The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of administrative, shareholder and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service and reputation of the portfolio manager.

Investment Performance.The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2019) of the Fund against a peer group of eight other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail and institutional equity income funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Equity Income Index. The Independent Board Members noted that the Fund’s performance was in the fourth quartile for the one, three, and five year periods, as measured against the Adviser Peer Group. The Independent Board Members noted that, although the Fund’s performance was in the lower quartiles, the Fund’s performance for the one year period was just over one percentage point below the median of the Adviser Peer Group, and for the five year period was below the median of the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fourth quintile for the one year and three year periods and the fifth quintile for the five year period.

Profitability.The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that a substantial portion of the Fund’s portfolio transactions were executed by an affiliated broker, that another affiliated broker received distribution fees and minor amounts of sales commissions, and that the Adviser received a moderate level of soft dollar research benefits through the Fund’s portfolio brokerage.

Economies of Scale.The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale.

Sharing of Economies of Scale.The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

Service and Cost Comparisons.The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of nineteen other equity income funds selected by Broadridge and noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s expense ratio was above average within this group. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with,

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The Gabelli Equity Income Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited) (Continued)

but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions.The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services and an acceptable performance record. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were reasonable, particularly in light of the Fund’s performance, and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreements to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

21

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind ofnon-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us somenon-public information about yourself. Thenon-public information we collect about you is:

● Information you give us on your application form.This could include your name, address, telephone number, social security number, bank account number, and other information.

● Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose anynon-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access tonon-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

GABELLI EQUITY INCOME FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Mario J. Gabelli, CFA,is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

Gabelli Equity Series Funds, Inc.

THE GABELLI EQUITY INCOME FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI(800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

by calling800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS

Mario J. Gabelli, CFA

Chairman and

Chief Executive Officer,

GAMCO Investors, Inc.

Executive Chairman,

Associated Capital Group, Inc.

Elizabeth C. Bogan

Senior Lecturer,

Princeton University

Anthony J. Colavita

President,

Anthony J. Colavita, P.C.

Vincent D. Enright

Former Senior Vice

President and Chief

Financial Officer,

KeySpan Corp.

John D. Gabelli

Senior Vice President,

G.research, LLC

Robert J. Morrissey

Partner,

Morrissey, Hawkins & Lynch

Kuni Nakamura

President,

Advanced Polymer, Inc.

Anthonie C. van Ekris

Chairman,

BALMAC International, Inc.

Salvatore J. Zizza

Chairman,

Zizza & Associates Corp.

OFFICERS

Bruce N. Alpert

President

John C. Ball

Treasurer

Andrea R. Mango

Secretary

Richard J. Walz

Chief Compliance Officer

DISTRIBUTOR

G.distributors, LLC

CUSTODIAN

State Street Bank and Trust

Company

TRANSFER AGENT AND

DIVIDEND DISBURSING AGENT

DST Asset Manager

Solutions, Inc.

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Equity Income Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB444Q120SR

The Gabelli Small Cap Growth Fund

Semiannual Report — March 31, 2020

To Our Shareholders,

For the six months ended March 31, 2020, the net asset value (NAV) per Class AAA Share of The Gabelli Small Cap Growth Fund decreased 24.9% compared with a decrease of 23.7% for the Russell 2000 Index. Other classes of shares are available. See below for performance information for all classes of shares.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2020.

Comparative Results

Average Annual Returns through March 31, 2020 (a)(b) (Unaudited)													Since
													Inception
	Six Months		1 Year			5 Year			10 Year		15 Year		(10/22/91)
Class AAA (GABSX)		(24.87)%		(24.21	)%		(1.20	)%		6.39%		6.21%		10.52%
Russell 2000 Index		(23.72)		(23.99	)		(0.25	)		6.90		5.71		8.17
S&P SmallCap 600 Index		(27.10)		(25.89	)		0.45			8.06		6.51		N/A(e)
LipperSmall-Cap Core Funds Average		(27.32)		(26.12	)		(0.79	)		6.29		5.42		N/A(f)
Class A (GCASX)		(24.87)		(24.21	)		(1.20	)		6.39		6.21		10.52
With sales charge (c)		(29.19)		(28.57	)		(2.37	)		5.76		5.79		10.29
Class C (GCCSX)		(25.16)		(24.79	)		(1.94	)		5.59		5.42		10.05
With contingent deferred sales charge (d)		(25.91)		(25.54	)		(1.94	)		5.59		5.42		10.05
Class I (GACIX)		(24.77)		(24.02	)		(0.95	)		6.66		6.43		10.64
In the current prospectuses dated January 28, 2020, the expense ratios for Class AAA, A, C, and I, Shares are 1.40%, 1.40%, 2.15%, and 1.15%, respectively. See page 9 for the expense ratios for the six months ended March 31, 2020. Class AAA and Class I Shares have no sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively. (a)  Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate.When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus please visit our website at www.gabelli.com.The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 31, 2003, and the Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses associated with this class of shares. Investing in small capitalization securities involves special risks because these securities may trade less frequently and experience more abrupt price movements than large capitalization securities. The Russell 2000 Index is an unmanaged indicator which measures the performance of the small cap segment of the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index. (b)  The Fund’s fiscal year ends September 30. (c)   Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period. (d)  Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase. (e)  S&P SmallCap 600 Index inception date as of December 31, 1994. (f) LipperSmall-Cap Core Funds Average inception date as of December 31, 1991.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call800-422-3554 or send an email request to info@gabelli.com.

The Gabelli Small Cap Growth Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from October 1, 2019 through March 31, 2020	Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return:This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’sactualreturn during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return:This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used isnotthe Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning		Ending		Annualized		Expenses
	Account Value		Account Value		Expense		Paid During
	10/01/19		03/31/20		Ratio		Period*
The Gabelli Small Cap Growth Fund
Actual Fund Return
Class AAA		$1,000.00		$   751.30		1.42%		$  6.22
Class A		$1,000.00		$   751.30		1.42%		$  6.22
Class C		$1,000.00		$   748.40		2.17%		$  9.49
Class I		$1,000.00		$   752.30		1.17%		$  5.13
Hypothetical 5% Return
Class AAA		$1,000.00		$1,017.90		1.42%		$  7.16
Class A		$1,000.00		$1,017.90		1.42%		$  7.16
Class C		$1,000.00		$1,014.15		2.17%		$10.93
Class I		$1,000.00		$1,019.15		1.17%		$  5.91

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 366.

2

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2020:

The Gabelli Small Cap Growth Fund

Equipment and Supplies	14.2	%
Food and Beverage	11.2	%
Diversified Industrial	9.1	%
Health Care	7.2	%
Retail	5.2	%
Building and Construction	3.8	%
Financial Services	3.7	%
Business Services	3.6	%
Hotels and Gaming	3.5	%
Aviation: Parts and Services	3.4	%
Specialty Chemicals	3.2	%
Automotive: Parts and Accessories	3.0	%
Aerospace	2.7	%
Energy and Utilities	2.6	%
Computer Software and Services	2.4	%
Consumer Products	2.4	%
Real Estate	2.2	%
Machinery	2.0	%
Electronics	2.0	%
Transportation	1.9	%
Entertainment	1.9	%

Consumer Services	1.8	%
Broadcasting	1.6	%
Automotive	1.3	%
Telecommunications	1.2	%
Manufactured Housing and Recreational Vehicles	1.1	%
Cable	0.8	%
Publishing	0.7	%
Environmental Services	0.6	%
Home Furnishings	0.2	%
Closed-End Funds	0.2	%
Wireless Communications	0.2	%
Miscellaneous Investments	0.1	%
Metals and Mining	0.1	%
Communications Equipment	0.1	%
Agriculture	0.0	%*
Other Assets and Liabilities (Net)	(1.2	)%
	100.0	%

* Amount represents less than 0.05%.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on FormN-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at800-GABELLI(800-422-3554). The Fund’s FormN-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling800-SEC-0330.

Proxy Voting

The Fund files FormN-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling800-GABELLI(800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

3

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* — 100.7%
		Aerospace — 2.7%
	926,000	Aerojet Rocketdyne Holdings Inc.†	$	4,632,922	$	38,734,580
	60,000	Various Securities		794,550		601,600
				5,427,472		39,336,180
		Agriculture — 0.0%
	20,000	Various Securities		271,278		244,840
		Automotive — 1.3%
	1,125,000	Navistar International Corp.†		29,112,290		18,551,250
	11,000	Various Securities		417,519		672,430
				29,529,809		19,223,680
		Automotive: Parts and Accessories — 2.8%
	1,140,000	Dana Inc.		9,650,817		8,903,400
	200,000	Strattec Security Corp.(a)		4,016,784		2,894,000
	2,778,022	Various Securities		16,453,364		28,179,140
				30,120,965		39,976,540
		Aviation: Parts and Services — 3.4%
	769,000	Kaman Corp.		12,943,778		29,583,430
	4,780,000	Signature Aviation plc		12,265,742		9,796,420
	245,700	Various Securities		3,256,369		9,563,433
				28,465,889		48,943,283
		Broadcasting — 1.6%
	2,574,150	Various Securities		12,281,533		22,996,099
		Building and Construction — 3.8%
	468,000	Herc Holdings Inc.†		15,841,745		9,575,280
	404,000	Lennar Corp., Cl. B		9,908,376		11,683,680
	1,205,700	Various Securities		17,000,749		34,049,897
				42,750,870		55,308,857
		Business Services — 3.6%
	260,000	Live Nation Entertainment Inc.†		2,229,413		11,819,600
	540,000	The Interpublic Group of Companies Inc.		2,465,587		8,742,600
	1,765,000	Trans-Lux Corp.†(a)		1,740,044		983,987
	2,679,583	Various Securities		21,180,822		30,845,005
				27,615,866		52,391,192
		Cable — 0.8%
	691,225	Various Securities		11,800,104		11,997,868
		Communications Equipment — 0.1%
	249,000	Various Securities		1,694,752		1,110,540
		Computer Software and Services — 2.4%
	51,500	Tyler Technologies Inc.†		112,700		15,272,840
	1,463,000	Various Securities		12,212,837		19,549,830
				12,325,537		34,822,670
		Consumer Products — 2.4%
	1,387,400	Various Securities		17,191,077		34,389,881

Shares			Cost		Market Value
		Consumer Services — 1.8%
	600,000	Rollins Inc.	$	925,316	$	21,684,000
	326,350	Various Securities		1,534,160		4,741,001
				2,459,476		26,425,001
		Diversified Industrial — 9.1%
	376,000	Crane Co.		8,429,294		18,491,680
	1,438,000	Griffon Corp.		16,580,530		18,190,700
	971,000	Myers Industries Inc.		13,599,431		10,438,250
	371,000	Textron Inc.		2,284,093		9,894,570
	3,421,000	Various Securities		56,704,512		74,253,933
				97,597,860		131,269,133
		Electronics — 2.0%
	162,500	Badger Meter Inc.		2,170,980		8,710,000
	220,000	Bel Fuse Inc., Cl. A(a)		4,242,231		1,540,000
	528,000	CTS Corp.		4,866,324		13,141,920
	329,500	Various Securities		2,985,030		4,960,911
				14,264,565		28,352,831
		Energy and Utilities — 2.6%
	3,246,833	Various Securities		20,128,307		37,366,725
		Entertainment — 1.9%
	57,500	The Madison Square Garden Co., Cl. A†		980,991		12,156,075
	722,165	Various Securities		9,101,711		14,840,753
				10,082,702		26,996,828
		Environmental Services — 0.6%
	122,000	Republic Services Inc.		1,102,463		9,157,320
		Equipment and Supplies — 14.2%
	447,000	AMETEK Inc.		760,611		32,192,940
	148,000	Crown Holdings Inc.†		597,874		8,589,920
	253,000	Franklin Electric Co. Inc.		995,139		11,923,890
	556,000	Graco Inc.		4,388,976		27,093,880
	60,000	IDEX Corp.		219,852		8,286,600
	718,000	Mueller Industries Inc.		19,104,087		17,188,920
	180,000	Tennant Co.		3,114,068		10,431,000
	809,000	The Gorman-Rupp Co.		13,059,161		25,248,890
	2,963,500	Various Securities		28,697,101		64,446,015
				70,936,869		205,402,055
		Financial Services — 3.7%
	131,000	Calamos Asset Management Inc., Escrow†(b)		0		0
	740,000	KKR & Co. Inc., Cl. A		3,198,906		17,367,800
	10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		2,100
	3,483,136	Various Securities		38,595,304		36,689,753
				41,795,583		54,059,653
		Food and Beverage — 11.2%
	211,000	Chr. Hansen Holding A/S		8,805,686		15,859,834
	1,940,000	Davide Campari-Milano SpA		4,985,096		14,014,558

See accompanying notes to financial statements.

4

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS* (Continued)
		Food and Beverage (Continued)
	423,000	Flowers Foods Inc.	$	1,005,404	$	8,679,960
	758,000	Kikkoman Corp.		7,064,277		32,463,055
	758,000	Maple Leaf Foods Inc.		13,277,070		13,745,584
	286,001	Tootsie Roll Industries Inc.		4,658,937		10,284,596
	8,117,000	Various Securities		33,683,334		67,051,879
				73,479,804		162,099,466
		Health Care — 7.2%
	52,300	Masimo Corp.†		1,286,366		9,263,376
	306,000	Quidel Corp.†		2,672,904		29,929,860
	1,881,000	Various Securities		29,429,095		64,683,737
				33,388,365		103,876,973
		Home Furnishings — 0.2%
	302,000	Various Securities		3,958,085		2,980,290
		Hotels and Gaming — 3.5%
	156,000	Churchill Downs Inc.		1,539,788		16,060,200
	420,000	Ryman Hospitality Properties Inc., REIT		10,038,497		15,057,000
	8,569,540	Various Securities		19,296,279		20,138,964
				30,874,564		51,256,164
		Machinery — 2.0%
	355,000	Astec Industries Inc.		12,462,339		12,414,350
	1,515,000	CNH Industrial NV		4,718,597		8,499,150
	578,000	Various Securities		8,962,715		8,604,000
				26,143,651		29,517,500
		Manufactured Housing and Recreational Vehicles — 1.1%
	75,600	Cavco Industries Inc.†		1,587,312		10,957,464
	210,000	Various Securities		1,902,717		4,409,350
				3,490,029		15,366,814
		Metals and Mining — 0.1%
	306,000	Various Securities		2,218,540		1,149,828
		Publishing — 0.7%
	1,105,000	The E.W. Scripps Co., Cl. A		8,535,622		8,331,700
	106,600	Various Securities		2,622,686		2,122,772
				11,158,308		10,454,472
		Real Estate — 2.2%
	259,500	Griffin Industrial Realty Inc.(a)		4,785,425		8,485,650
	91,000	Morguard Corp.		1,153,893		8,541,313
	572,000	The St. Joe Co.†		9,354,146		9,598,160
	492,304	Various Securities		8,226,414		5,402,123
				23,519,878		32,027,246
		Retail — 5.2%
	596,800	Ingles Markets Inc., Cl. A		9,396,169		21,580,288
	157,000	Nathan’s Famous Inc.		241,163		9,577,000
	284,000	Rush Enterprises Inc., Cl. B		3,190,043		8,664,840

Shares			Cost		Market Value
	2,100,100	Various Securities	$	33,597,933	$	35,467,706
				46,425,308		75,289,834
		Specialty Chemicals — 3.2%
	1,870,000	Ferro Corp.†		9,443,558		17,503,200
	969,800	Various Securities		13,281,126		28,844,312
				22,724,684		46,347,512
		Telecommunications — 1.2%
	1,600,000	Various Securities		8,982,268		16,803,160
		Transportation — 1.9%
	441,200	GATX Corp.		12,978,847		27,601,472
	128,600	Various Securities		1,216,499		557,065
				14,195,346		28,158,537
		Wireless Communications — 0.2%
	86,000	Various Securities		3,406,593		2,486,098
		TOTAL COMMON STOCKS		781,808,400		1,457,585,070
		CLOSED-END FUNDS* — 0.2%
	284,114	Various Securities		3,913,196		2,944,100
		PREFERRED STOCKS* — 0.2%
		Automotive: Parts and Accessories — 0.2%
	124,000	Various Securities		851,129		1,907,797
		RIGHTS* — 0.0%
		Entertainment — 0.0%
	1,680,000	Media General Inc., CVR†(b)		2		2
		TOTAL MISCELLANEOUS INVESTMENTS — 0.1%(c)		1,550,115		2,067,190
		TOTALINVESTMENTS — 101.2%	$	788,122,842		1,464,504,159
		Other Assets and Liabilities (Net) — (1.2)%				(17,273,484	)
		NET ASSETS — 100.0%			$	1,447,230,675

See accompanying notes to financial statements.

5

The Gabelli Small Cap Growth Fund

Summary Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

This Summary Schedule of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings, each investment of any issuer that exceeds 1% of the Fund’s net assets, and affiliated or Level 3 securities, if any.

* “Various Securities” consist of issuers not identified as a top 50 holding, issues or issuers not exceeding 1% of net assets individually or in the aggregate, any issuers that are not affiliated or level 3 securities, if any as of March 31, 2020. The complete Schedule of Investments is available (i) without charge, upon request, by calling800-GABELLI(800-422-3554); and (ii) on the SEC’S website at http://www.sec.gov.

(a) Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.

(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(c) Represents previously undisclosed, unrestricted securities which the Fund has held for less than one year.

† Non-income producing security.

REIT   Real Estate Investment Trust

CVR   Contingent Value Right

See accompanying notes to financial statements.

6

The Gabelli Small Cap Growth Fund

Statement of Assets and Liabilities

March 31, 2020 (Unaudited)

Assets:
Investments, at value (cost $773,338,358)	$	1,450,600,522
Investments in affiliates, at value (cost $14,784,484)		13,903,637
Foreign currency, at value (cost $90,162)		90,728
Cash		477
Receivable for investments sold		4,685,905
Receivable for Fund shares sold		1,643,732
Dividends and interest receivable		2,338,345
Prepaid expenses		56,548
Total Assets		1,473,319,894
Liabilities:
Line of credit payable		18,318,000
Payable for Fund shares redeemed		5,238,755
Payable for investment advisory fees		1,347,278
Payable for distribution fees		273,815
Payable for accounting fees		7,500
Other accrued expenses		903,871
Total Liabilities		26,089,219
Net Assets (applicable to 43,614,627 shares outstanding)	$	1,447,230,675
Net Assets Consist of:
Paid-in capital	$	497,248,112
Total distributable earnings		949,982,563
Net Assets	$	1,447,230,675
Shares of Capital Stock, each at $0.001 par value: Class AAA:
Net Asset Value, offering, and redemption price per share ($771,657,708 ÷ 23,230,271 shares outstanding; 150,000,000 shares authorized)		$33.22
Class A:
Net Asset Value and redemption price per share ($97,958,247 ÷ 2,951,384 shares outstanding; 50,000,000 shares authorized)		$33.19
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$35.21
Class C:
Net Asset Value and offering price per share ($78,189,448 ÷ 2,824,480 shares outstanding; 50,000,000 shares authorized)		$27.68	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($499,425,272 ÷ 14,608,492 shares outstanding; 50,000,000 shares authorized)		$34.19
(a)  Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

Investment Income:
Dividends - unaffiliated (net of foreign withholding taxes of $120,642)	$	19,524,670
Dividends - affiliated		216,029
Interest		6,215
Total Investment Income		19,746,914
Expenses:
Investment advisory fees		11,034,019
Distribution fees - Class AAA		1,432,400
Distribution fees - Class A		196,867
Distribution fees - Class C		595,524
Shareholder services fees		1,084,188
Interest expense		305,800
Shareholder communication expenses		212,225
Custodian fees		147,339
Directors’ fees		70,872
Registration expenses		55,331
Legal and audit fees		30,743
Accounting fees		22,500
Miscellaneous expenses		69,359
Total Expenses		15,257,167
Less:
Advisory fee reduction on unsupervised assets (See Note 3)		(60,587	)
Expenses paid indirectly by broker (See Note 6)		(11,846	)
Total Reductions		(72,433	)
Net Expenses		15,184,734
Net Investment Income		4,562,180
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments - unaffiliated		327,189,241
Net realized loss on investments - affiliated		(3,103,983	)
Net realized loss on foreign currency transactions		(7,355	)
Net realized gain on investments and foreign currency transactions		324,077,903
Net change in unrealized appreciation/depreciation:
on investments		(822,308,782	)
on foreign currency translations		5,295
Net change in unrealized appreciation/ depreciation on investments and foreign currency translations		(822,303,487	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(498,225,584	)
Net Decrease in Net Assets Resulting from Operations	$	(493,663,404	)

See accompanying notes to financial statements.

7

The Gabelli Small Cap Growth Fund

Statement of Changes in Net Assets

	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
Operations:
Net investment income		$	4,562,180			$	3,760,794
Net realized gain on investments and foreign currency transactions			324,077,903				501,746,696
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(822,303,487	)			(750,427,887	)
Net Decrease in Net Assets Resulting from Operations			(493,663,404	)			(244,920,397	)
Distributions to Shareholders:
Class AAA			(225,788,690	)			(62,112,538	)
Class A			(32,301,744	)			(7,573,003	)
Class C			(27,339,966	)			(8,527,032	)
Class I			(154,155,709	)			(61,933,596	)
Total Distributions to Shareholders			(439,586,109	)			(140,146,169	)
Capital Share Transactions:
Class AAA			14,358,568				(296,298,972	)
Class A			(7,444,453	)			(18,442,606	)
Class C			(9,609,703	)			(50,785,008	)
Class I			(63,034,664	)			(564,742,691	)
Net Decrease in Net Assets from Capital Share Transactions			(65,730,252	)			(930,269,277	)
Redemption Fees			2,338				1,663
Net Decrease in Net Assets			(998,977,427	)			(1,315,334,180	)
Net Assets:
Beginning of year			2,446,208,102				3,761,542,282
End of period		$	1,447,230,675			$	2,446,208,102

See accompanying notes to financial statements.

8

The Gabelli Small Cap Growth Fund

Financial Highlights

Selected data for a share of capital stock outstanding throughout each period:

				Income (Loss) from Investment Operations												Distributions																					Ratio to Average Net Assets/ Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income (Loss) (a)(b)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain on Investments				Total Distributions				Redemption Fees (b)(c)			Net Asset Value, End of Period			Total Return †			Net Assets End of Period (in 000’s)			Net Investment Income (Loss) (a)			Operating Expenses (d)(e)			Portfolio Turnover Rate
Class AAA
2020(f)		$	53.92		$	0.09			$	(10.76	)		$	(10.67	)		$	(0.07	)		$	(9.96	)		$	(10.03	)		$	0.00		$	33.22		(24.87	)%		$	771,658		0.37	%(g)		1.42	%(g)(h)		0	%(i)
2019			59.61			0.03				(3.50	)			(3.47	)			(0.09	)			(2.13	)			(2.22	)			0.00			53.92		(5.72	)			1,243,608		0.06			1.39	(h)		1
2018			58.63			0.09				4.01				4.10				—				(3.12	)			(3.12	)			0.00			59.61		7.21				1,711,850		0.16			1.36			3
2017			50.13			0.02				10.47				10.49				—				(1.99	)			(1.99	)			0.00			58.63		21.56				1,882,823		0.04			1.38			4
2016			45.47			0.02				6.36				6.38				—				(1.72	)			(1.72	)			0.00			50.13		14.26				1,779,333		0.05			1.39	(j)		4
2015			46.91			(0.05	)			(0.47	)			(0.52	)			—				(0.92	)			(0.92	)			0.00			45.47		(1.25	)			1,784,050		(0.10	)		1.38			9
Class A
2020(f)		$	53.89		$	0.09			$	(10.75	)		$	(10.66	)		$	(0.08	)		$	(9.96	)		$	(10.04	)		$	0.00		$	33.19		(24.87	)%		$	97,958		0.39	%(g)		1.42	%(g)(h)		0	%(i)
2019			59.58			0.03				(3.50	)			(3.47	)			(0.09	)			(2.13	)			(2.22	)			0.00			53.89		(5.73	)			170,189		0.06			1.39	(h)		1
2018			58.60			0.09				4.01				4.10				—				(3.12	)			(3.12	)			0.00			59.58		7.21				208,947		0.16			1.36			3
2017			50.11			0.01				10.47				10.48				—				(1.99	)			(1.99	)			0.00			58.60		21.55				229,282		0.02			1.38			4
2016			45.45			0.02				6.36				6.38				—				(1.72	)			(1.72	)			0.00			50.11		14.26				270,163		0.05			1.39	(j)		4
2015			46.89			(0.05	)			(0.47	)			(0.52	)			—				(0.92	)			(0.92	)			0.00			45.45		(1.25	)			276,603		(0.10	)		1.38			9
Class C
2020(f)		$	46.63		$	(0.07	)		$	(8.92	)		$	(8.99	)			—			$	(9.96	)		$	(9.96	)		$	0.00		$	27.68		(25.16	)%		$	78,190		(0.38	)%(g)		2.17	%(g)(h)		0	%(i)
2019			52.16			(0.32	)			(3.08	)			(3.40	)			—				(2.13	)			(2.13	)			0.00			46.63		(6.44	)			141,522		(0.69	)		2.14	(h)		1
2018			52.05			(0.30	)			3.53				3.23				—				(3.12	)			(3.12	)			0.00			52.16		6.41				215,939		(0.59	)		2.11			3
2017			45.04			(0.34	)			9.34				9.00				—				(1.99	)			(1.99	)			0.00			52.05		20.65				233,786		(0.71	)		2.13			4
2016			41.31			(0.30	)			5.75				5.45				—				(1.72	)			(1.72	)			0.00			45.04		13.41				227,464		(0.70	)		2.14	(j)		4
2015			43.01			(0.38	)			(0.40	)			(0.78	)			—				(0.92	)			(0.92	)			0.00			41.31		(1.98	)			220,763		(0.85	)		2.13			9
Class I
2020(f)		$	55.29		$	0.15			$	(11.07	)		$	(10.92	)		$	(0.22	)		$	(9.96	)		$	(10.18	)		$	0.00		$	34.19		(24.77	)%		$	499,425		0.61	%(g)		1.17	%(g)(h)		0	%(i)
2019			61.09			0.17				(3.59	)			(3.42	)			(0.25	)			(2.13	)			(2.38	)			0.00			55.29		(5.50	)			890,889		0.32			1.14	(h)		1
2018			59.86			0.25				4.10				4.35				—				(3.12	)			(3.12	)			0.00			61.09		7.49				1,624,806		0.43			1.11			3
2017			51.09			0.16				10.67				10.83				(0.07	)			(1.99	)			(2.06	)			0.00			59.86		21.84				1,404,639		0.30			1.13			4
2016			46.19			0.13				6.49				6.62				—				(1.72	)			(1.72	)			0.00			51.09		14.56				1,138,299		0.29			1.14	(j)		4
2015			47.52			0.08				(0.49	)			(0.41	)			—				(0.92	)			(0.92	)			0.00			46.19		(1.00	)			1,041,910		0.17			1.13			9

   † Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Due to capital share activity throughout the period, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different classes of shares.

(b) Per share amounts have been calculated using the average shares outstanding method.

(c) Amount represents less than $0.005 per share.

(d) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2020 and the years ended September 30, 2019, 2018, 2017, 2016, and 2015, there was no impact on the expense ratios.

(e) Ratio of operating expenses includes advisory fee reduction on unsupervised assets totaling 0.01% of net assets for the six months ended March 31, 2020. For the years ended September 30, 2019, 2018, 2017, 2016, and 2015 there was no impact on the expense ratios.

(f) For the six months ended March 31, 2020, unaudited.

(g) Annualized.

(h) The Fund incurred interest expense during the six months ended March 31, 2020 and the fiscal year ended September 30, 2019. If interest expense had not been incurred, the ratios of operating expenses to average net assets would have been 1.39% and 1.38% (Class AAA and Class A), 2.14% and 2.13% (Class C), and 1.14% and 1.13% (Class I). For the years ended September 30, 2018, 2017, 2016, and 2015, the effect of interest expense was minimal.

(i) Amount represents less than 0.5%.

(j) During the year ended September 30, 2016, the Fund received a reimbursement of custody expenses paid in prior years. Had such reimbursement (allocated by relative net asset values of the Fund’s share classes) been included in that period, the expense ratios would have been 1.38% (Class AAA and Class A), 2.13% (Class C), and 1.13% (Class I).

See accompanying notes to financial statements.

9

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited)

1. Organization.The Gabelli Small Cap Growth Fund is a series of the Gabelli Equity Series Funds, Inc. (the Corporation), which was incorporated on July 25, 1991 in Maryland. The Fund is a diversifiedopen-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and one of four separately managed portfolios of the Corporation. The Fund seeks to provide a high level of capital appreciation. Gabelli Funds, LLC (the Adviser) currently characterizes small capitalization companies for the Fund as those with total common stock market values of $3 billion or less at the time of investment. The Fund commenced investment operations on October 22, 1991.

2. Significant Accounting Policies.As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required, even if early adoption is elected for the removals and modifications under ASU2018-13. Management has early adopted the removals and modifications set forth in ASU2018-13 in these financial statements and has not early adopted the additions set forth in ASU2018-13.

Security Valuation.Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S.over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations

10

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial andnon-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1 — quoted prices in active markets for identical securities;

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3 — significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 3/31/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Aviation: Parts and Services		$     48,017,880		$   925,403		—		$     48,943,283
Business Services		51,407,205		983,987		—		52,391,192
Financial Services		53,279,227		778,326		$2,100		54,059,653
Real Estate		30,839,933		1,187,313		—		32,027,246
Specialty Chemicals		46,346,919		593		—		46,347,512
Telecommunications		14,879,160		1,924,000		—		16,803,160
Other Industries (a)		1,209,080,214		—		—		1,209,080,214
Total Common Stocks		1,453,850,538		5,799,622		2,100		1,459,652,260
Closed-End Funds		2,944,100		—		—		2,944,100
Preferred Stocks (a)		1,907,797		—		—		1,907,797
Rights (a)		—		—		2		2
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$1,458,702,435		$5,799,622		$2,102		$1,464,504,159

(a) Please refer to the Summary Schedule of Investments for the industry classifications of these portfolio holdings.

The Fund did not have transfers into or out of Level 3 during the six months ended March 31, 2020.

11

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

Additional Information to Evaluate Qualitative Information.

General.The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation.Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Foreign Currency Translations.The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities.The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

12

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

Foreign Taxes.The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities.The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in theover-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2020, the Fund did not hold any restricted securities.

Investments in other Investment Companies.The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata port on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2020, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.

Securities Transactions and Investment Income.Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on theex-dividend date, except for certain dividends from foreign securities that are recorded as soon after theex-dividend date as the Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses.Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders.Distributions to shareholders are recorded on theex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized

13

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2019 was as follows:

Distributions paid from:*
Ordinary income (inclusive of short term capital gains)	$	10,698,763
Net long term capital gains		211,098,097
Total distributions paid	$	221,796,860

* Total distributions paid differs from the Statement of Changes in Net Assets due to the utilization of equalization.

Provision for Income Taxes.The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized appreciation at March 31, 2020:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments		$795,446,762		$800,913,846		$(131,856,449	)		$669,057,397

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are“more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet themore-likely-than-not threshold. During the six months ended March 31, 2020, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2020, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions.The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

There was a reduction in the advisory fee paid to the Adviser relating to certain portfolio holdings, i.e., unsupervised assets of the Fund with respect to which the Adviser transferred dispositive and voting control to the Fund’s Proxy Voting Committee. During the six months ended March 31, 2020, the Fund’s Proxy Voting Committee exercised control and discretion over all rights to vote or consent with respect to such securities, and the Adviser reduced its fee with respect to such securities by $60,587.

14

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

The Corporation pays each Director who is not considered an affiliated person an annual retainer of $18,000 plus $2,000 for each Board meeting attended, and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended. The Chairman of the Audit Committee receives a $3,000 annual fee, and the Lead Director receives an annual fee of $2,000. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

4. Distribution Plan.The Fund’s Board has adopted a distribution plan for each class of shares, except for Class I Shares, pursuant to Rule12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share plans, payments are authorized to G.distributors, LLC (Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities.Purchases and sales of securities during the six months ended March 31, 2020, other than short term securities and U.S. Government obligations, aggregated $4,497,238 and $528,151,231, respectively.

6. Transactions with Affiliates and Other Arrangements.During the six months ended March 31, 2020, the Fund paid $234,217 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser. Additionally, the Distributor retained a total of $12,986 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

During the six months ended March 31, 2020, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $11,846.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended March 31, 2020, the Fund accrued $22,500 in connection with the cost of computing the Fund’s NAV.

During the six months ended March 31, 2020, the Fund engaged in sale transactions with funds that have a common investment adviser. These transactions complied with Rule17a-7 under the Act and amounted to $1,088,762 in sales transactions.

7. Line of Credit.The Fund participates in an unsecured line of credit, which expires on March 3, 2021 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. At March 31, 2020, there was $18,318,000 outstanding under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the six months ended March 31, 2020 was $17,233,145 with a weighted average interest rate of 2.88%. The maximum amount borrowed at any time during the six months ended March 31, 2020 was $57,245,000.

15

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

8. Capital Stock.The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximumfront-end sales charge of 5.75%, and Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase inpaid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2020 and the fiscal year ended September 30, 2019, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Six Months Ended March 31, 2020 (Unaudited)						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		362,615		$	15,292,761			884,200		$	46,559,000
Shares issued upon reinvestment of distributions		4,774,548			218,340,063			1,153,577			60,515,890
Shares redeemed		(4,971,304	)		(219,274,256	)		(7,690,327	)		(403,373,862	)
Net increase/(decrease)		165,859		$	14,358,568			(5,652,550	)	$	(296,298,972	)
Class A
Shares sold		352,317		$	17,312,897			574,000		$	30,547,164
Shares issued upon reinvestment of distributions		665,223			30,394,069			134,468			7,051,472
Shares redeemed		(1,223,987	)		(55,151,419	)		(1,057,440	)		(56,041,242	)
Net decrease		(206,447	)	$	(7,444,453	)		(348,972	)	$	(18,442,606	)
Class C
Shares sold		107,005		$	4,049,232			178,656		$	8,073,960
Shares issued upon reinvestment of distributions		670,396			25,615,826			176,834			8,074,235
Shares redeemed		(987,765	)		(39,274,761	)		(1,460,736	)		(66,933,203	)
Net decrease		(210,364	)	$	(9,609,703	)		(1,105,246	)	$	(50,785,008	)
Class I
Shares sold		1,722,146		$	79,765,327			4,152,983		$	223,183,312
Shares issued upon reinvestment of distributions		2,942,208			138,342,623			1,072,371			57,564,894
Shares redeemed		(6,168,545	)		(281,142,614	)		(15,710,533	)		(845,490,897	)
Net decrease		(1,504,191	)	$	(63,034,664	)		(10,485,179	)	$	(564,742,691	)

16

The Gabelli Small Cap Growth Fund

Notes to Financial Statements (Unaudited) (Continued)

9. Transactions in Securities of Affiliated Issuers.The 1940 Act defines affiliated issuers as those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of the Fund’s transactions in the securities of these issuers during the six months ended March 31, 2020 is set forth below:

	Beginning Shares		Shares Purchased/ Acquired		Shares Sold/ Reduced			Ending Shares		Dividends		Realized Gain/ (Loss)			Value at March 31, 2020		Change in Unrealized Appreciation/ (Depreciation)			Percent Owned of Shares Outstanding
Bel Fuse Inc., Cl. A		257,000		—		(37,000	)		220,000	$	28,950	$	(771,653	)	$	1,540,000	$	(758,049	)		10.12%
Griffin Industrial Realty Inc.		262,157		—		(2,657	)		259,500		131,079		20,822			8,485,650		(1,376,112	)		5.06%
Katy Industries Inc.*		840,000		—		(840,000	)		—		—		(2,604	)		—		(4,956	)		—
Strattec Security Corp.		200,000		—		—			200,000		56,000		—			2,894,000		(1,102,000	)		5.24%
Trans-Lux Corp.		3,240,500		—		(1,475,500	)		1,765,000		—		(2,350,548	)		983,987		2,263,151			13.13%
Total										$	216,029	$	(3,103,983	)	$	13,903,637	$	(977,966	)

* Security was not held as of March 31, 2020.

10. Indemnifications.The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

11. Subsequent Events.Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

17

The Gabelli Small Cap Growth Fund

Board Consideration andRe-Approval of Advisory Agreement (Unaudited)

During the six months ended March 31, 2020, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the directors (the Independent Board Members) who are not “interested persons” of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services.The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of administrative, shareholder and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service and reputation of the portfolio manager.

Investment Performance.The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2019) of the Fund against a peer group of ten other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail and institutionalsmall-cap core funds, regardless of asset size or primary channel of distribution, as represented by the LipperSmall-Cap Core Index. The Independent Board Members noted that the Fund’s performance was in the third quartile for the one year period, in the first quartile for the three year period and in the second quartile in the five year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fourth quintile for the one year period and in the third quintile for the three year and five year periods. The Independent Board Members noted the Fund’s better than average performance during the one year period as measured against both peer groups.

Profitability.The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that a substantial portion of the Fund’s portfolio transactions were executed by an affiliated broker, that another affiliated broker received distribution fees and minor amounts of sales commissions, and that the Adviser received a moderate level of soft dollar research benefits through the Fund’s portfolio brokerage.

Economies of Scale.The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale.

Sharing of Economies of Scale.The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

Service and Cost Comparisons.The Independent Board Members compared the expense ratios of the investment management fee, other expenses and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of sixteen other small cap core funds selected by Broadridge and noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s expense ratio was above average within this group, and the Fund’s size was below average within this group. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds.

18

The Gabelli Small Cap Growth Fund

Board Consideration andRe-Approval of Advisory Agreement (Unaudited) (Continued)

The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fees to the fees for other types of accounts managed by affiliates of the Adviser.

Conclusions.The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services and an acceptable performance record. The Independent Board Members also concluded that the Fund’s expense ratios and the profitability to the Adviser of managing the Fund were reasonable in light of the Fund’s performance and that economies of scale were not a significant factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreements to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based their decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

19

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind ofnon-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us somenon-public information about yourself. Thenon-public information we collect about you is:

● Information you give us on your application form.This could include your name, address, telephone number, social security number, bank account number, and other information.

● Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose anynon-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access tonon-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

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THE GABELLI SMALL CAP GROWTH FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Mario J. Gabelli, CFA,is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios of GAMCO Investors, Inc. that he founded in 1977, and Chief Investment Officer - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc. He is also Executive Chairman of Associated Capital Group, Inc. Mr. Gabelli is a summa cum laude graduate of Fordham University and holds an MBA degree from Columbia Business School and Honorary Doctorates from Fordham University and Roger Williams University.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

Gabelli Equity Series Funds, Inc. THE GABELLI SMALL CAP GROWTH FUND One Corporate Center Rye, New York 10580-1422 t 800-GABELLI (800-422-3554) f 914-921-5118 e info@gabelli.com    GABELLI.COM Net Asset Value per share available daily by calling800-GABELLI after 7:00 P.M.
BOARD OF DIRECTORS Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group, Inc. Elizabeth C. Bogan Senior Lecturer, Princeton University Anthony J. Colavita President, Anthony J. Colavita, P.C. Vincent D. Enright Former Senior Vice President and Chief Financial Officer, KeySpan Corp. John D. Gabelli Senior Vice President, G.research, LLC Robert J. Morrissey Partner, Morrissey, Hawkins & Lynch Kuni Nakamura President, Advanced Polymer, Inc. Anthonie C. van Ekris Chairman, BALMAC International, Inc.	Salvatore J. Zizza Chairman, Zizza & Associates Corp. OFFICERS Bruce N. Alpert President John C. Ball Treasurer Andrea R. Mango Secretary Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc. LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP
This report is submitted for the general information of the shareholders of The Gabelli Small Cap Growth Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. GAB443Q120SR

The Gabelli Focus Five Fund   Semiannual Report — March 31, 2020        Daniel M. Miller     Portfolio Manager     GAMCO Investors BS, University of Miami

To Our Shareholders,

For the six months ended March 31, 2020, the net asset value (NAV) per Class I Share of The Gabelli Focus Five Fund decreased 27.2% compared with the Fund’s benchmark, the Blended Index, which decreased 19.3%. The Blended Index consists of 50% of the Russell 2500 Index, 25% of the Russell 1000 Index, and 25% of the MSCI AC World Ex-U.S. Index. Other classes of shares are available. See page 2 for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2020.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com.

Comparative Results

Average Annual Returns through March 31, 2020 (a)(b) (Unaudited)
	Six Months		1 Year			3 Year			5 Year			Since January 1, 2012(c)		10 Year		Since Inception (12/31/02)
Class I (GWSIX)		(27.17)%		(22.72	)%		(10.88	)%		(8.02	)%		1.89%		2.42%		4.43%
Class AAA (GWSVX)		(27.30)		(22.95	)		(11.10	)		(8.27	)		1.63		2.15		4.23
S&P MidCap 400 Index		(24.73)		(22.51	)		(4.09	)		0.56			7.89(d)		7.88		8.85
Russell 2500 Index		(23.72)		(22.47	)		(3.10	)		0.49			7.82(d)		7.73		8.79
Russell 1000 Index		(13.01)		(8.03	)		4.64			6.22			11.26		10.39		8.79
MSCI AC World Ex-U.S. Index		(16.37)		(15.14	)		(1.48	)		(0.17	)		3.69		2.52		6.65
Blended Index		(19.27)		(17.22	)		(0.81	)		1.73			7.61		7.05		8.25
Class A (GWSAX)		(27.26)		(22.95	)		(11.10	)		(8.27	)		1.64		2.16		4.25
With sales charge (e)		(31.44)		(27.38	)		(12.83	)		(9.35	)		0.91		1.56		3.89
Class C (GWSCX)		(27.57)		(23.50	)		(11.78	)		(8.95	)		0.87		1.39		3.49
With contingent deferred sales charge (f)		(28.29)		(24.27	)		(11.78	)		(8.95	)		0.87		1.39		3.49

In the current prospectuses dated January 28, 2020, the expense ratios for Class AAA, A, C, and I Shares are 1.64%, 1.64%, 2.39%, and 1.39%, respectively. See page 8 for the expense ratios for the six months ended March 31, 2020. Class AAA and Class I Shares have no sales charge. The maximum sales charge for Class A and Class C Shares is 5.75% and 1.00%, respectively.

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus please visit our website at www.gabelli.com. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class I Shares on January 11, 2008. The actual performance of Class I Shares would have been higher due to lower expenses associated with this class of shares. The S&P MidCap 400 Index is an index comprised of U.S. stocks in the middle capitalization range, which is generally considered to be between $200 million and $5 billion in market value. The Russell 2500 Index is a market capitalization weighted index of 2,500 U.S. traded stocks of small and mid capitalization stocks. The Russell 1000 Index is a market capitalization weighted index of 1,000 U.S. traded large capitalization stocks. The Morgan Stanley Capital International All Country World Index excluding the U.S. (MSCI ACWI Ex-U.S.) is a market capitalization weighted index of small, mid, and large capitalization stocks across developed and emerging markets, excluding U.S. stocks. The Blended Index consists of 50% Russell 2500 Index, 25% Russell 1000 Index, and 25% MSCI ACWI Ex-U.S. Index. Dividends are considered reinvested. You cannot invest directly in an index.

(b) The Fund’s fiscal year ends September 30.

(c) On January 1, 2012, the Fund began operating under its current name.

(d) S&P MidCap 400 Index performance and Russell 2500 Index performance are as of December 31, 2011.

(e) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(f) Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

2

The Gabelli Focus Five Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from October 1, 2019 through March 31, 2020	Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return:This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’sactualreturn during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return:This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used isnotthe Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 10/01/19		Ending Account Value 03/31/20		Annualized Expense Ratio		Expenses Paid During Period*
The Gabelli Focus Five Fund
Actual Fund Return
Class AAA		$1,000.00		$   727.00		1.69%		$  7.30
Class A		$1,000.00		$   727.40		1.69%		$  7.30
Class C		$1,000.00		$   724.30		2.44%		$10.52
Class I		$1,000.00		$   728.30		1.44%		$  6.22
Hypothetical 5% Return
Class AAA		$1,000.00		$1,016.55		1.69%		$  8.52
Class A		$1,000.00		$1,016.55		1.69%		$  8.52
Class C		$1,000.00		$1,012.80		2.44%		$12.28
Class I		$1,000.00		$1,017.80		1.44%		$  7.26

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 366.

3

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2020:

The Gabelli Focus Five Fund

Food and Beverage	13.2	%
Financial Services	10.0	%
Energy and Utilities	7.5	%
Consumer Services	6.6	%
U.S. Government Obligations	6.2	%
Building and Construction	6.1	%
Computer Software and Services	6.1	%
Cable and Satellite	5.7	%
Diversified Industrial	5.7	%
Business Services	5.5	%
Health Care	5.1	%

Real Estate	5.1	%
Telecommunications	4.0	%
Hotels and Gaming	3.7	%
Entertainment	3.5	%
Automotive: Parts and Accessories	3.1	%
Retail	3.1	%
Other Assets and Liabilities (Net)	(0.2	)%
	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

4

The Gabelli Focus Five Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 94.0%
		Automotive: Parts and Accessories — 3.1%
	18,000	Aptiv plc	$	1,030,661	$	886,320
		Building and Construction — 6.1%
	70,000	Herc Holdings Inc.†		2,096,212		1,432,200
	37,500	PGT Innovations Inc.†		536,569		314,625
				2,632,781		1,746,825
		Business Services — 5.5%
	62,500	Macquarie Infrastructure Corp.		2,345,502		1,578,125
		Cable and Satellite — 5.7%
	12,500	EchoStar Corp., Cl. A†		367,930		399,625
	47,500	Liberty Media Corp.- Liberty Formula One, Cl. A†		1,368,106		1,226,450
				1,736,036		1,626,075
		Computer Software and Services — 6.1%
	1,500	Alphabet Inc., Cl. C†		889,795		1,744,215
		Consumer Services — 6.6%
	9,500	GCI Liberty Inc., Cl. A†		405,762		541,215
	50,000	ServiceMaster Global Holdings Inc.†		1,724,797		1,350,000
				2,130,559		1,891,215
		Diversified Industrial — 5.7%
	30,000	Colfax Corp.†		706,467		594,000
	81,125	Ferro Corp.†		969,935		759,330
	850	Roper Technologies Inc.		244,942		265,038
				1,921,344		1,618,368
		Energy and Utilities — 7.5%
	50,000	NextEra Energy Partners LP		2,485,911		2,150,000
		Entertainment — 3.5%
	203,600	Sirius XM Holdings Inc.		606,755		1,005,784
		Financial Services — 10.0%
	35,000	Apollo Global Management Inc.		1,102,250		1,172,500
	10,000	E*TRADE Financial Corp.		395,651		343,200
	55,000	New York Community Bancorp Inc.		554,807		516,450
	8,500	PayPal Holdings Inc.†		861,249		813,790
				2,913,957		2,845,940
		Food and Beverage — 13.2%
	72,500	Maple Leaf Foods Inc.		1,173,275		1,314,716

Shares			Cost		Market Value
	16,500	Mondelëz International Inc., Cl. A	$	675,416	$	826,320
	19,500	Post Holdings Inc.†		649,223		1,617,915
				2,497,914		3,758,951
		Health Care — 5.1%
	155,000	Option Care Health Inc.†		890,949		1,467,850
		Hotels and Gaming — 3.7%
	90,000	MGM Resorts International		1,693,581		1,062,000
		Real Estate — 5.1%
	7,500	Hannon Armstrong Sustainable Infrastructure Capital Inc., REIT		144,408		153,075
	55,000	MGM Growth Properties LLC, Cl. A, REIT		1,069,987		1,301,850
				1,214,395		1,454,925
		Retail — 3.1%
	38,000	PetIQ Inc.†		916,790		882,740
		Telecommunications — 4.0%
	150,000	Gogo Inc.†		490,250		318,000
	10,000	T-Mobile US Inc.†		759,103		839,000
				1,249,353		1,157,000
		TOTAL COMMON STOCKS		27,156,283		26,876,333
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 6.2%
	$ 1,785,000	U.S. Treasury Bills, 0.050% to 1.546%††, 04/02/20 to 10/01/20		1,783,406		1,784,720
		TOTAL INVESTMENTS — 100.2%	$	28,939,689		28,661,053
		Other Assets and Liabilities (Net) — (0.2)%				(70,216	)
		NET ASSETS — 100.0%			$	28,590,837

† Non-income producing security.

†† Represents annualized yields at dates of purchase.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

5

The Gabelli Focus Five Fund

Statement of Assets and Liabilities

March 31, 2020 (Unaudited)

Assets:
Investments, at value (cost $28,939,689)	$	28,661,053
Foreign currency, at value (cost $7,441)		7,490
Cash		4,455
Receivable for investments sold		281,610
Receivable for Fund shares sold		56,408
Dividends receivable		30,743
Prepaid expenses		29,834
Total Assets		29,071,593
Liabilities:
Payable for investments purchased		325,341
Payable for Fund shares redeemed		57,989
Payable for investment advisory fees		26,644
Payable for distribution fees		9,601
Other accrued expenses		61,181
Total Liabilities		480,756
Net Assets
(applicable to 3,131,721 shares outstanding)	$	28,590,837
Net Assets Consist of:
Paid-in capital	$	37,451,534
Total accumulated loss		(8,860,697	)
Net Assets	$	28,590,837

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($8,082,313 ÷ 859,491 shares outstanding; 100,000,000 shares authorized)	$	9.40
Class A:
Net Asset Value and redemption price per share ($5,415,508 ÷ 570,002 shares outstanding; 50,000,000 shares authorized)	$	9.50
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	10.08
Class C:
Net Asset Value and offering price per share ($7,017,616 ÷ 872,441 shares outstanding; 50,000,000 shares authorized)	$	8.04	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($8,075,400 ÷ 829,787 shares outstanding; 50,000,000 shares authorized)	$	9.73

(a) Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $2,545)	$	315,203
Interest		46,836
Total Investment Income		362,039
Expenses:
Investment advisory fees		224,761
Distribution fees - Class AAA		14,609
Distribution fees - Class A		10,684
Distribution fees - Class C		57,471
Registration expenses		32,272
Legal and audit fees		17,859
Shareholder services fees		17,381
Shareholder communications expenses		16,629
Custodian fees		5,687
Directors’ fees		1,450
Interest expense		136
Miscellaneous expenses		7,989
Total Expenses		406,928
Net Investment Loss		(44,889	)
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, and Foreign Currency:
Net realized loss on investments		(2,474,971	)
Net realized gain on written options		26,636
Net realized loss on foreign currency transactions		(164	)
Net realized loss on investments, written options, and foreign currency transactions		(2,448,499	)
Net change in unrealized appreciation/depreciation:
on investments		(8,307,567	)
on foreign currency translations		(24	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(8,307,591	)
Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, and Foreign Currency		(10,756,090	)
Net Decrease in Net Assets Resulting from Operations	$	(10,800,979	)

See accompanying notes to financial statements.

6

The Gabelli Focus Five Fund

Statement of Changes in Net Assets

	Six Months Ended March 31, 2020 (Unaudited)				Year Ended September 30, 2019
Operations:
Net investment loss		$	(44,889	)		$	(436,046	)
Net realized loss on investments, written options, and foreign currency transactions			(2,448,499	)			(3,628,898	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations			(8,307,591	)			(4,210,570	)
Net Decrease in Net Assets Resulting from Operations			(10,800,979	)			(8,275,514	)
Distributions to Shareholders:
Class AAA			—				(11,940	)
Class A			—				(10,608	)
Class C			—				(20,011	)
Class I			—				(22,594	)
Total Distributions to Shareholders			—				(65,153	)
Capital Share Transactions:
Class AAA			(1,066,897	)			(3,143,551	)
Class A			(1,528,430	)			(4,783,404	)
Class C			(4,198,375	)			(8,686,557	)
Class I			(4,378,616	)			(16,188,041	)
Net Decrease in Net Assets from Capital Share Transactions			(11,172,318	)			(32,801,553	)
Redemption Fees			131				—
Net Decrease in Net Assets			(21,973,166	)			(41,142,220	)
Net Assets:
Beginning of year			50,564,003				91,706,223
End of period		$	28,590,837			$	50,564,003

See accompanying notes to financial statements.

7

The Gabelli Focus Five Fund

Financial Highlights

Selected data for a share of capital stock outstanding throughout each period:

				Income (Loss) from Investment Operations												Distributions																		Ratios to Average Net Assets/ Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Year			Net Investment Income (Loss) (a)(b)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Realized Gain on Investments				Total Distributions				Redemption Fees (b)				Net Asset Value, End of Period			Total Return †			Net Assets End of Period (in 000’s)			Net Investment Income (Loss) (a)			Operating Expenses(c)			Portfolio Turnover Rate
Class AAA
2020(d)		$	12.93		$	(0.00	)(e)		$	(3.53	)		$	(3.53	)			—				—			$	0.00	(e)		$	9.40		(27.30	)%		$	8,082		(0.06	)%(f)		1.69	%(f)		38	%
2019			13.84			(0.07	)			(0.83	)			(0.90	)		$	(0.01	)		$	(0.01	)			—				12.93		(6.50	)			12,189		(0.56	)		1.64	(g)		67
2018			14.61			(0.09	)			(0.61	)			(0.70	)			(0.07	)			(0.07	)			0.00	(e)			13.84		(4.78	)			16,630		(0.63	)		1.53			105
2017			13.70			(0.15	)			1.21				1.06				(0.15	)			(0.15	)			0.00	(e)			14.61		7.88				22,542		(1.08	)		1.43	(g)		77
2016			12.00			(0.14	)			1.84				1.70				—				—				0.00	(e)			13.70		14.17				33,695		(1.11	)		1.42	(g)		60
2015			15.22			(0.12	)			(1.81	)			(1.93	)			(1.29	)			(1.29	)			0.00	(e)			12.00		(14.11	)			38,960		(0.83	)		1.37	(g)		73
Class A
2020(d)		$	13.06		$	(0.00	)(e)		$	(3.56	)		$	(3.56	)			—				—			$	0.00	(e)		$	9.50		(27.26	)%		$	5,416		(0.08	)%(f)		1.69	%(f)		38	%
2019			13.98			(0.07	)			(0.84	)			(0.91	)		$	(0.01	)		$	(0.01	)			—				13.06		(6.51	)			9,013		(0.57	)		1.64	(g)		67
2018			14.76			(0.09	)			(0.62	)			(0.71	)			(0.07	)			(0.07	)			0.00	(e)			13.98		(4.80	)			15,137		(0.65	)		1.53			105
2017			13.84			(0.15	)			1.22				1.07				(0.15	)			(0.15	)			0.00	(e)			14.76		7.87				29,391		(1.08	)		1.43	(g)		77
2016			12.12			(0.14	)			1.86				1.72				—				—				0.00	(e)			13.84		14.19				43,775		(1.10	)		1.42	(g)		60
2015			15.36			(0.12	)			(1.83	)			(1.95	)			(1.29	)			(1.29	)			0.00	(e)			12.12		(14.11	)			57,987		(0.83	)		1.37	(g)		73
Class C
2020(d)		$	11.10		$	(0.05	)		$	(3.01	)		$	(3.06	)			—				—			$	0.00	(e)		$	8.04		(27.57	)%		$	7,018		(0.85	)%(f)		2.44	%(f)		38	%
2019			11.97			(0.14	)			(0.72	)			(0.86	)		$	(0.01	)		$	(0.01	)			—				11.10		(7.18	)			13,807		(1.33	)		2.39	(g)		67
2018			12.74			(0.17	)			(0.53	)			(0.70	)			(0.07	)			(0.07	)			0.00	(e)			11.97		(5.48	)			24,992		(1.38	)		2.28			105
2017			12.06			(0.22	)			1.05				0.83				(0.15	)			(0.15	)			0.00	(e)			12.74		7.04				37,147		(1.83	)		2.18	(g)		77
2016			10.64			(0.21	)			1.63				1.42				—				—				0.00	(e)			12.06		13.35				57,796		(1.85	)		2.17	(g)		60
2015			13.73			(0.20	)			(1.60	)			(1.80	)			(1.29	)			(1.29	)			0.00	(e)			10.64		(14.74	)			70,274		(1.58	)		2.12	(g)		73
Class I
2020(d)		$	13.36		$	0.01			$	(3.64	)		$	(3.63	)			—				—			$	0.00	(e)		$	9.73		(27.17	)%		$	8,075		0.16	%(f)		1.44	%(f)		38	%
2019			14.27			(0.05	)			(0.85	)			(0.90	)		$	(0.01	)		$	(0.01	)			—				13.36		(6.30	)			15,555		(0.36	)		1.39	(g)		67
2018			15.02			(0.06	)			(0.62	)			(0.68	)			(0.07	)			(0.07	)			0.00	(e)			14.27		(4.50	)			34,947		(0.39	)		1.28			105
2017			14.05			(0.11	)			1.23				1.12				(0.15	)			(0.15	)			0.00	(e)			15.02		8.11				71,138		(0.83	)		1.18	(g)		77
2016			12.27			(0.11	)			1.89				1.78				—				—				0.00	(e)			14.05		14.51				103,490		(0.85	)		1.17	(g)		60
2015			15.50			(0.09	)			(1.85	)			(1.94	)			(1.29	)			(1.29	)			0.00	(e)			12.27		(13.90	)			174,754		(0.58	)		1.12	(g)		73

  † Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Due to capital share activity, net investment income/(loss) per share and the ratio to average net assets are not necessarily correlated among the different classes of shares.

(b) Per share amounts have been calculated using the average shares outstanding method.

(c) The Fund incurred interest expense during the six months ended March 31, 2020 and the fiscal years ended September 30, 2019, 2018, 2017, 2016, and 2015, and the effect of interest expense was minimal.

(d) For the six months ended March 31, 2020, unaudited.

(e) Amount represents less than $0.005 per share.

(f) Annualized.

(g) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. If such credits had not been received the ratio of operating expenses to average net assets would have been 1.64% (Class AAA and Class A), 2.39% (Class C), and 1.40% (Class I) for the fiscal year ended September 30, 2019. For the fiscal years ended September 30, 2017, 2016, and 2015, there was no impact to the expense ratios.

See accompanying notes to financial statements.

8

The Gabelli Focus Five Fund

Notes to Financial Statements (Unaudited)

1. Organization.The Gabelli Focus Five Fund is a series of the Gabelli Equity Series Funds, Inc. (the Corporation), which was incorporated on July 25, 1991 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and one of four separately managed portfolios of the Corporation. The Fund seeks to provide a high level of capital appreciation. The Fund commenced investment operations on December 31, 2002.

2. Significant Accounting Policies.As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals and modifications under ASU 2018-13. Management has early adopted the removals and modifications set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth in ASU 2018-13.

Security Valuation.Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

9

The Gabelli Focus Five Fund

Notes to Financial Statements (Unaudited) (Continued)

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1  —  quoted prices in active markets for identical securities;

● Level 2  —  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3  —  significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At March 31, 2020, the Fund did not hold any Level 3 securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Total Market Value at 3/31/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	26,876,333			—		$	26,876,333
U.S. Government Obligations			—		$	1,784,720			1,784,720
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	26,876,333		$	1,784,720		$	28,661,053

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

Additional Information to Evaluate Qualitative Information.

General.The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation.Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available,

10

The Gabelli Focus Five Fund

Notes to Financial Statements (Unaudited) (Continued)

such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments.The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

Collateral requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported, separately as Deposit at brokers, in the Statement of Assets and Liabilities.

The Fund’s derivative contracts held at March 31, 2020, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments.

Options.The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund. As a writer of put options, the Fund receives a premium at the outset and then bears the risk of unfavorable changes in the price of the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between those dates.

As a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of the put has the obligation to purchase the underlying security upon exercise at the exercise price. If the price of the underlying security declines, the Fund would

11

The Gabelli Focus Five Fund

Notes to Financial Statements (Unaudited) (Continued)

realize a gain upon sale or exercise. If the price of the underlying security increases or stays the same, the Fund would realize a loss upon sale or at expiration date, but only to the extent of the premium paid.

If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In the case of call options, the exercise prices are referred to as “in-the-money,” “at-the-money,” and “out-of-the-money,” respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that such call options are used in equivalent transactions. At March 31, 2020, the Fund held no option positions.

Foreign Currency Translations.The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities.The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes.The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Securities Transactions and Investment Income.Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on

12

The Gabelli Focus Five Fund

Notes to Financial Statements (Unaudited) (Continued)

the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses.Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders.Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily due to current year write-off of net operating loss. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2019 was as follows:

Distributions paid from:
Net long term capital gains	$	65,153
Total distributions paid	$	65,153

Provision for Income Taxes.The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

The following summarizes the tax cost of investments and the related net unrealized depreciation at March 31, 2020:

	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Depreciation
Investments		$	29,050,320		$	3,670,663		$	(4,059,930	)		$	(389,267	)

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended March 31, 2020, the Fund did not incur excise tax. As of March 31, 2020, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets

13

The Gabelli Focus Five Fund

Notes to Financial Statements (Unaudited) (Continued)

or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions.The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Corporation pays each Director who is not considered an affiliated person an annual retainer of $18,000 plus $2,000 for each Board meeting attended, and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended. The Chairman of the Audit Committee receives a $3,000 annual fee, and the Lead Director receives an annual fee of $2,000. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

4. Distribution Plan.The Fund’s Board has adopted a distribution plan for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities.Purchases and sales of securities during the six months ended March 31, 2020, other than short term securities and U.S. Government obligations, aggregated $14,708,955 and $20,349,347, respectively.

6. Transactions with Affiliates and Other Arrangements.During the six months ended March 31, 2020, the Distributor retained a total of $460 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

7. Line of Credit.The Fund participates in an unsecured line of credit, which expires on March 3, 2021 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “Interest expense” in the Statement of Operations. During the six months ended March 31, 2020, there were no borrowings under the line of credit.

8. Capital Stock.The Fund offers four classes of shares–Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%, and Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

14

The Gabelli Focus Five Fund

Notes to Financial Statements (Unaudited) (Continued)

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2020 and the fiscal year ended September 30, 2019, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

Transactions in shares of capital stock were as follows:

	Six Months Ended March 31, 2020 (Unaudited)						Year Ended September 30, 2019
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		29,045		$	381,871			36,551		$	450,109
Shares issued upon reinvestment of distributions		—			—			1,846			22,967
Shares redeemed		(112,426	)		(1,448,768	)		(297,070	)		(3,616,627	)
Net decrease		(83,381	)	$	(1,066,897	)		(258,673	)	$	(3,143,551	)
Class A
Shares sold		54,925		$	687,759			75,374		$	959,065
Shares issued upon reinvestment of distributions		—			—			789			10,014
Shares redeemed		(174,981	)		(2,216,189	)		(468,679	)		(5,752,483	)
Net decrease		(120,056	)	$	(1,528,430	)		(392,516	)	$	(4,783,404	)
Class C
Shares sold		20,902		$	239,331			45,255		$	476,557
Shares issued upon reinvestment of distributions		—			—			1,718			18,647
Shares redeemed		(392,429	)		(4,437,706	)		(890,312	)		(9,181,761	)
Net decrease		(371,527	)	$	(4,198,375	)		(843,339	)	$	(8,686,557	)
Class I
Shares sold		67,052		$	915,930			222,615		$	2,821,913
Shares issued upon reinvestment of distributions		—			—			1,617			20,936
Shares redeemed		(401,340	)		(5,294,546	)		(1,509,657	)		(19,030,890	)
Net decrease		(334,288	)	$	(4,378,616	)		(1,285,425	)	$	(16,188,041	)

9. Indemnifications.The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Subsequent Events.Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

15

The Gabelli Focus Five Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited)

During the six months ended March 31, 2020, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the Directors (the Independent Board Members) who are not “interested persons” of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services.The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio manager.

Investment Performance.The Independent Board Members reviewed the short, medium and long term performance (as of December 31, 2019) of the Fund against eight other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of all retail and mid-cap core funds, regardless of asset size or primary channel of distribution, as represented by the Lipper Mid-Cap Core Index. The Independent Board Members noted that the Fund’s performance was in the fourth quartile for the one year and five year periods and the third quartile for the three year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the second quintile for the one year period and in the fifth quintile for the three and five year periods.

Profitability.The Independent Board Members reviewed summary data regarding the historical lack of profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that an affiliated broker of the Adviser received distribution fees and minor amounts of sales commissions and that the Adviser received a moderate level of soft dollar research benefits through the Fund’s portfolio brokerage.

Economies of Scale.The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale.

Sharing of Economies of Scale.The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop or any losses or diminished profitability to the Adviser in prior years.

Service and Cost Comparisons.The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of twelve other small cap core funds selected by Broadridge and noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s expense ratios were above average within each peer group and that the Fund’s size was below average within the Adviser Peer Group and above average within the peer group of comparable funds selected by Broadridge. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds.

16

The Gabelli Focus Five Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited) (Continued)

The Independent Board Members were presented with, but did not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions.The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services, good ancillary services, and an acceptable performance record that had begun to improve over the past year. The Independent Board Members also concluded that the Fund’s expense ratios were reasonable given the size of the Fund relative to its peers and the unique nature of the Fund’s best ideas investment strategy and that economies of scale were not a factor in their thinking at this time. The Independent Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the Advisory Agreements to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based its decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

17

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● Information you give us on your application form.This could include your name, address, telephone number, social security number, bank account number, and other information.

● Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

THE GABELLI FOCUS FIVE FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Daniel M. Millerhas been the portfolio manager of the Gabelli Focus Five Fund since the inception of the current investment strategy of the Fund. He currently serves as a portfolio manager of Gabelli Funds, LLC and is also a Managing Director of GAMCO Investors, Inc. Mr. Miller joined the Firm in 2002 and graduated magna cum laude with a degree in finance from the University of Miami in Coral Gables, Florida.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

Gabelli Equity Series Funds, Inc.

THE GABELLI FOCUS FIVE FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

    GABELLI.COM

Net Asset Value per share available daily

by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS

Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc., Executive Chairman, Associated Capital Group, Inc. Elizabeth C. Bogan Senior Lecturer, Princeton University Anthony J. Colavita President, Anthony J. Colavita, P.C. Vincent D. Enright Former Senior Vice President and Chief Financial Officer, KeySpan Corp. John D. Gabelli Senior Vice President, G.research, LLC Robert J. Morrissey Partner, Morrissey, Hawkins & Lynch Kuni Nakamura President, Advanced Polymer, Inc. Anthonie C. van Ekris Chairman, BALMAC International, Inc.

Salvatore J. Zizza Chairman, Zizza & Associates Corp. OFFICERS Bruce N. Alpert President John C. Ball Treasurer Andrea R. Mango Secretary Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc. LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Focus Five Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB840Q120SR

The Gabelli Global Financial Services Fund Semiannual Report — March 31, 2020	Ian Lapey Portfolio Manager BA, Williams College     MS, Northeastern University     MBA, New York University
To Our Shareholders,

For the six months ended March 31, 2020, the net asset value (NAV) per Class AAA Share of The Gabelli Global Financial Services Fund decreased 32.4% compared with decreases of 25.7% and 12.3% for the Morgan Stanley Capital International (MSCI) World Financials Index and the Standard & Poor’s (S&P) 500 Index, respectively. Other classes of shares are available. See below for performance information for all classes.

Enclosed are the financial statements, including the schedule of investments, as of March 31, 2020.

Comparative Results

Total Returns through March 31, 2020 (a)(b) (Unaudited)

	Six Months			1 Year			Since       Inception       (10/1/18)
Class AAA (GAFSX)		(32.37	)%		(32.15	)%		(27.56	)%
MSCI World Financials Index		(25.69	)		(20.41	)		(17.77	)
S&P 500 Index		(12.31	)		(6.98	)		7.07	(c)
Class A (GGFSX)		(32.41	)		(32.19	)		(27.56	)
With sales charge (d)		(36.30	)		(36.08	)		(41.85	)
Class C (GCFSX)		(32.77	)		(32.77	)		(28.18	)
With contingent deferred sales charge (e)		(33.44	)		(33.44	)		(28.18	)
Class I (GFSIX)		(32.35	)		(32.05	)		(27.41	)

In the current prospectuses dated January 28, 2020, the gross expense ratios for Class AAA, A, C, and I Shares are 3.02%, 3.02%, 3.78%, and 2.77%, respectively, and the net expense ratios for these share classes after contractual reimbursements by Gabelli Funds, LLC, (the Adviser) are 1.95%, 1.95%, 2.70%, and 1.70%, respectively. See page 7 for the expense ratios for the six months ended March 31, 2020. The contractual reimbursements are in effect through January 31, 2021. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. Returns would have been lower had the Adviser not reimbursed certain expenses of the Fund. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com.Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. The MSCI World Financials Index captures large and mid cap securities in the Financials sector across 23 Developed Markets countries. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. You cannot invest directly in an index.

(b) The Fund’s fiscal year ends September 30.

(c) The S&P 500 Index since inception performance is as of September 30, 2018.

(d) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(e) Assuming payment of the 1% maximum contingent deferred sales charge imposed on redemptions made within one year of purchase.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com

The Gabelli Global Financial Services Fund
Disclosure of Fund Expenses (Unaudited)
For the Six Month Period from October 1, 2019 through March 31, 2020	Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return:This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’sactualreturn during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return:This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used isnotthe Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 10/01/19			Ending Account Value 03/31/20			Annualized Expense Ratio			Expenses Paid During Period*
The Gabelli Global Financial Services Fund
Actual Fund Return
Class AAA		$	1,000.00		$	676.30		1.25	%		$	5.24
Class A		$	1,000.00		$	675.90		1.25	%		$	5.24
Class C		$	1,000.00		$	672.30		2.00	%		$	8.36
Class I		$	1,000.00		$	676.50		1.00	%		$	4.19
Hypothetical 5% Return
Class AAA		$	1,000.00		$	1,018.75		1.25	%		$	6.31
Class A		$	1,000.00		$	1,018.75		1.25	%		$	6.31
Class C		$	1,000.00		$	1,015.00		2.00	%		$	10.08
Class I		$	1,000.00		$	1,020.00		1.00	%		$	5.05

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183 days), then divided by 366.

2

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of March 31, 2020:

The Gabelli Global Financial Services Fund

Banks	27.0	%
Diversified Banks	16.5	%
Investment Management	14.9	%
Life Insurance	8.5	%
Automobiles	7.2	%
Institutional Brokerage	6.8	%
Consumer Finance	5.8	%
Homebuilders	5.8	%

Institutional Trust, Fiduciary, and Custody	5.3	%
Investment Companies	1.0	%
U.S. Government Obligations	0.9	%
Other Assets and Liabilities (Net)	0.3	%
	100.0	%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

3

The Gabelli Global Financial Services Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 98.8%
		Automobiles — 7.2%
	9,500	Daimler AG	$	535,093	$	288,342
	4,200	Toyota Motor Corp., ADR		514,628		503,790
				1,049,721		792,132
		Banks — 27.0%
	13,650	CIT Group Inc.		483,367		235,599
	116,000	Commerzbank AG		919,029		423,278
	40,100	Credit Suisse Group AG, ADR		465,323		324,409
	108,300	Dah Sing Financial Holdings Ltd.		578,010		308,022
	21,300	Japan Post Bank Co. Ltd.		247,008		197,499
	19,700	Mediobanca Banca di Credito Finanziario SpA		176,359		109,244
	14,500	Shinhan Financial Group Co. Ltd., ADR†		526,318		337,995
	28,100	Shinsei Bank Ltd.†		415,367		376,844
	8,150	State Street Corp.		428,102		434,151
	27,100	UniCredit SpA		358,954		213,614
				4,597,837		2,960,655
		Consumer Finance — 5.8%
	25,600	Ally Financial Inc.		648,307		369,408
	5,400	Capital One Financial Corp.		442,088		272,268
				1,090,395		641,676
		Diversified Banks — 16.5%
	254,000	Barclays plc		542,009		296,910
	10,900	Citigroup Inc.		693,049		459,108
	34,500	Credit Agricole SA		449,160		254,555
	175,500	Royal Bank of Scotland Group plc		525,816		246,109
	11,910	Societe Generale SA		409,799		201,604
	63,000	Standard Chartered plc		480,642		348,848
				3,100,475		1,807,134
		Homebuilders — 5.8%
	3,130	Cavco Industries Inc.†		443,722		453,662
	19,509	Legacy Housing Corp.†		227,121		180,458
				670,843		634,120
		Institutional Brokerage — 6.8%
	82,300	Daiwa Securities Group Inc.		457,288		320,857

Shares			Cost		Market Value
	31,610	Jefferies Financial Group Inc.	$	652,323	$	432,109
				1,109,611		752,966
		Institutional Trust, Fiduciary, and Custody — 5.3%
	17,250	The Bank of New York Mellon Corp.		831,573		580,980
		Investment Companies — 1.0%
	190,131	Atlas Mara Ltd.†		363,396		111,227
		Investment Management — 14.9%
	5,450	Diamond Hill Investment Group Inc.		835,304		491,808
	24,500	Franklin Resources Inc.		702,035		408,905
	25,900	Janus Henderson Group plc		554,241		396,788
	29,700	Waddell & Reed Financial Inc., Cl. A		442,726		337,986
				2,534,306		1,635,487
		Life Insurance — 8.5%
	178,040	Aegon NV		864,416		454,378
	17,538	NN Group NV		717,007		475,830
				1,581,423		930,208
		TOTAL COMMON STOCKS		16,929,580		10,846,585
Principal Amount
		U.S. GOVERNMENT OBLIGATIONS — 0.9%
	$100,000	U.S. Treasury Bill, 1.519%††, 04/30/20		99,878		99,996
		TOTAL INVESTMENTS — 99.7%	$	17,029,458		10,946,581
		Other Assets and Liabilities (Net) — 0.3%				30,936
		NET ASSETS — 100.0%			$	10,977,517

†	Non-income producing security.
††	Represents annualized yield at date of purchase.
ADR	American Depositary Receipt

See accompanying notes to financial statements.

4

The Gabelli Global Financial Services Fund

Statement of Assets and Liabilities

March 31, 2020 (Unaudited)

Assets:
Investments, at value (cost $17,029,458)	$	10,946,581
Cash		10,858
Receivable for Fund shares sold		393
Receivable from Adviser		27,136
Dividends and interest receivable		33,855
Prepaid expenses		37,479
Total Assets		11,056,302
Liabilities:
Foreign currency overdraft, at value (cost $9)		9
Payable for investments purchased		9,209
Payable for investment advisory fees		23,368
Payable for distribution fees.		15
Payable for legal and audit fees		21,199
Payable for shareholder communications expenses		20,343
Other accrued expenses.		4,642
Total Liabilities		78,785
Net Assets (applicable to 1,837,186 shares outstanding)	$	10,977,517
Net Assets Consist of:
Paid-in capital	$	17,556,159
Total accumulated loss		(6,578,642	)
Net Assets	$	10,977,517

Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($47,942 ÷ 8,011 shares outstanding; 120,000,000 shares authorized)	$	5.98
Class A:
Net Asset Value and redemption price per share ($6,556 ÷ 1,097.47 shares outstanding; 60,000,000 shares authorized)	$	5.97
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)	$	6.33
Class C:
Net Asset Value and offering price per share ($607 ÷ 101.87 shares outstanding; 20,000,000 shares authorized)	$	5.96	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($10,922,412 ÷ 1,827,976 shares outstanding; 150,000,000 shares authorized)	$	5.98

(a) Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended March 31, 2020 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $3,323)	$	151,431
Interest		3,775
Total Investment Income		155,206
Expenses:
Investment advisory fees		74,686
Distribution fees - Class AAA		119
Distribution fees - Class A		12
Distribution fees - Class C		5
Shareholder communication expenses		17,562
Legal and audit fees		16,631
Registration expenses		15,378
Shareholder services fees		5,876
Custodian fees		4,800
Directors’ fees		443
Miscellaneous expenses		5,362
Total Expenses		140,874
Less:
Expense reimbursements (See Note 3)		(65,719	)
Expenses paid indirectly by broker (See Note 6)		(333	)
Total Reductions		(66,052	)
Net Expenses		74,822
Net Investment Income		80,384
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized loss on investments		(347,395	)
Net realized loss on foreign currency transactions		(70	)
Net realized loss on investments and foreign currency transactions		(347,465	)
Net change in unrealized appreciation/depreciation:
on investments		(5,143,628	)
on foreign currency translations		171
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		(5,143,457	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(5,490,922	)
Net Decrease in Net Assets Resulting from Operations	$	(5,410,538	)

See accompanying notes to financial statements.

5

The Gabelli Global Financial Services Fund

Statement of Changes in Net Assets

	Six Months Ended March 31, 2020 (Unaudited)			Year Ended September 30, 2019(a)
Operations:
Net investment income		$       80,384			$     356,018
Net realized loss on investments and foreign currency transactions		(347,465	)		(160,556	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		(5,143,457	)		(939,477	)
Net Decrease in Net Assets Resulting from Operations		(5,410,538	)		(744,015	)
Distributions to Shareholders:
Class AAA		(1,646	)		(310	)
Class A		(264	)		(3	)
Class C		(17	)		(1	)
Class I		(377,283	)		(44,565	)
Total Distributions to Shareholders		(379,210	)		(44,879	)
Capital Share Transactions:
Class AAA		(56,867	)		139,202
Class A		24			10,263
Class C		17			1,001
Class I		3,586,268			13,876,238
Net Increase in Net Assets from Capital Share Transactions		3,529,442			14,026,704
Redemption Fees		13			—
Net Increase/(Decrease) in Net Assets		(2,260,293	)		13,237,810
Net Assets:
Beginning of period		13,237,810			—
End of period		$10,977,517			$13,237,810

(a) The Fund commenced investment operations on October 1, 2018.

See accompanying notes to financial statements.

6

The Gabelli Global Financial Services Fund

Financial Highlights

Selected data for a share of capital stock outstanding throughout the period:

				Income (Loss) from Investment Operations												Distributions																		Ratios to Average Net Assets/ Supplemental Data
Year Ended September 30	Net Asset Value, Beginning of Period			Net Investment Income(a)				Net Realized and Unrealized Gain/(Loss) on Investments				Total from Investment Operations				Net Investment Income				Total Distributions				Redemption Fees(a)				Net Asset Value, End of Period			Total Return †			Net Assets End of Period (in 000’s)			Net Investment Income			Operating Expenses Before Reimbursement			Operating Expenses Net of Reimbursement(b)			Portfolio Turnover Rate
Class AAA
2020(c)		$	9.09		$	0.03			$	(2.92	)		$	(2.89	)		$	(0.22	)		$	(0.22	)		$	0.00	(d)		$	5.98		(32.37	)%		$	48		0.75	%(e)		2.13	%(e)		1.25	%(e)(f)		10	%
2019(g)			10.00			0.27				(1.15	)			(0.88	)			(0.03	)			(0.03	)			—				9.09		(8.76	)			134		3.01			2.32			1.25			14
Class A
2020(c)		$	9.10		$	0.04			$	(2.93	)		$	(2.89	)		$	(0.24	)		$	(0.24	)		$	0.00	(d)		$	5.97		(32.41	)%		$	7		0.81	%(e)		2.13	%(e)		1.25	%(e)(f)		10	%
2019(g)			10.00			0.35				(1.22	)			(0.87	)			(0.03	)			(0.03	)			—				9.10		(8.71	)			10		3.77			2.32			1.25			14
Class C
2020(c)		$	9.05		$	0.00	(d)		$	(2.92	)		$	(2.92	)		$	(0.17	)		$	(0.17	)			—			$	5.96		(32.77	)%		$	1		0.03	%(e)		2.97	%(e)		2.00	%(e)(f)		10	%
2019(g)			10.00			0.17				(1.11	)			(0.94	)			(0.01	)			(0.01	)			—				9.05		(9.39	)			1		1.85			3.08			2.00			14
Class I
2020(c)		$	9.11		$	0.05			$	(2.92	)		$	(2.87	)		$	(0.26	)		$	(0.26	)		$	0.00	(d)		$	5.98		(32.35	)%		$	10,922		1.08	%(e)		1.88	%(e)		1.00	%(e)(f)		10	%
2019(g)			10.00			0.28				(1.13	)			(0.85	)			(0.04	)			(0.04	)			—				9.11		(8.51	)			13,093		3.05			2.07			1.00			14

   † Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the year and sold at the end of the period including reinvestment of distributions and does not reflect the applicable sales charges. Total return for a period of less than one year is not annualized.

(a) Per share amounts have been calculated using the average shares outstanding method.

(b) Under an expense reimbursement agreement with the Adviser, the Adviser reimbursed expenses of $65,719 and $124,154 for the six months ended March 31, 2020 and the fiscal year ended September 30, 2019, respectively.

(c) For the six months ended March 31, 2020, unaudited.

(d) Amount represents less than $0.005 per share.

(e) Annualized.

 (f) The Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. For the six months ended March 31, 2020, there was no impact on the expense ratios.

(g) The Fund commenced investment operations on October 1, 2018.

See accompanying notes to financial statements.

7

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Unaudited)

1. Organization.The Gabelli Global Financial Services Fund is a series of the Gabelli Equity Series Funds, Inc. (the Corporation). The Corporation was incorporated on July 25, 1991 in Maryland. The Fund is a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act), and one of four separately managed portfolios of the Corporation. The Fund seeks to provide capital appreciation. The Fund commenced investment operations on October 1, 2018.

2. Significant Accounting Policies.As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

New Accounting Pronouncements.To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU) 2018-13, Fair Value Measurement Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU 2018-13 is not required, even if early adoption is elected for the removals and modifications under ASU 2018-13. Management has early adopted the removals and modifications set forth in ASU 2018-13 in these financial statements and has not early adopted the additions set forth in ASU 2018-13.

Security Valuation.Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

8

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Unaudited) (Continued)

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1  —  quoted prices in active markets for identical securities;

● Level 2  —  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

● Level 3  —  significant unobservable inputs (including the Board’s determinations as to the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At March 31, 2020, the Fund did not hold any Level 3 securities. The summary of the Fund’s investments in securities and other financial instruments by inputs used to value the Fund’s investments as of March 31, 2020 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Total Market Value at 3/31/20
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks (a)		$	10,846,585			—		$	10,846,585
U.S. Government Obligations			—		$	99,996			99,996
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$	10,846,585		$	99,996		$	10,946,581

(a) Please refer to the Schedule of Investments for the industry classifications of these portfolio holdings.

Additional Information to Evaluate Qualitative Information.

General.The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation.Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available,

9

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Unaudited) (Continued)

such as securities not traded for several days, or for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Foreign Currency Translations.The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities.The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes.The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities.The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At March 31, 2020, the Fund held no restricted securities.

10

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Unaudited) (Continued)

Investments in other Investment Companies.The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata port on of the periodic expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended March 31, 2020, the Fund’s pro rata portion of the periodic expenses charged by the Acquired Funds was about 44%.

Securities Transactions and Investment Income.Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses.Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Distributions to Shareholders.Distributions to shareholders are recorded on the ex-dividend date. The characterization of distributions to shareholders is based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the fiscal year ended September 30, 2019 was as follows:

Distributions paid from:
Ordinary income	$	44,879
Total distributions paid.	$	44,879

Provision for Income Taxes.The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

11

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Unaudited) (Continued)

The following summarizes the tax cost of investments and the related net unrealized depreciation at March 31, 2020:

	Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Depreciation
Investments		$	17,032,892		$	16,107		$	(6,102,418	)		$	(6,086,311	)

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. During the six months ended March 31, 2020, the Fund did not incur any income tax, interest, or penalties. As of March 31, 2020, the Adviser has reviewed the current and previous tax periods and concluded that there was no impact to the Fund’s net assets or results of operations. The Fund’s federal and state returns for the current and previous fiscal years remain open, subject to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions.The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Adviser has contractually agreed to waive its investment advisory fees and/or to reimburse expenses of the Fund to the extent necessary to maintain the annualized total operating expenses of the Fund (excluding brokerage costs, acquired fund fees and expenses, interest, taxes, and extraordinary expenses) at no more than an annual rate of 1.25%, 1.25%, 2.00%, and 1.00% for Class AAA, Class A, Class C, and Class I shares, respectively. This arrangement is in effect through January 31, 2021. For the six months ended March 31, 2020, the Adviser reimbursed the Fund in the amount of $65,719. In addition, the Fund has also agreed, during the two year period following any waiver or reimbursement by the Adviser, to repay such amount to the extent, that after giving effect to the repayments, such adjusted annualized total operating expenses of the Fund would not exceed the foregoing expense limitations of the value of the Fund’s average daily net assets for Class AAA, Class A, Class C, and Class I Shares. At March 31, 2020, the cumulative amount which the Fund may repay the Adviser, subject to the terms above, is $189,873:

For the fiscal year ended September 30, 2019, expiring September 30, 2021	$	124,154
For the six months ended March 31, 2020, expiring September 30, 2022		65,719
	$	189,873

The Corporation pays each Director who is not considered an affiliated person an annual retainer of $18,000 plus $2,000 for each Board meeting attended, and they are reimbursed for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting attended. The Chairman of the Audit Committee receives a $3,000 annual fee, and the Lead Director receives an annual fee of $2,000. A Director may receive a single meeting fee, allocated among the participating funds, for attending certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Corporation.

12

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Unaudited) (Continued)

4. Distribution Plan.The Fund’s Board has adopted a distribution plan (the Plan) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, and Class C Share Plans, payments are authorized to G.distributors, LLC (the Distributor), an affiliate of the Adviser, at annual rates of 0.25%, 0.25%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities.Purchases and sales of securities during the six months ended March 31, 2020, other than short term securities and U.S. Government obligations, aggregated $4,693,915 and $1,377,736, respectively.

6. Transactions with Affiliates and Other Arrangements.During the six months ended March 31, 2020, the Fund paid $2,928 in brokerage commissions on security trades to G.research, LLC, an affiliate of the Adviser.

During the six months ended March 31, 2020, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed brokerage arrangement during this period was $333.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. The Adviser did not seek a reimbursement during the six months ended March 31, 2020.

7. Line of Credit.The Fund participates in an unsecured line of credit, which expires on March 3, 2021 and may be renewed annually, of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at a floating rate equal to the higher of the overnight Federal Funds rate plus 125 basis points or the 30 day ICE LIBOR plus 125 basis points in effect on that day. This amount, if any, would be included in “interest expense” in the Statement of Operations. During the six months ended March 31, 2020, there were no borrowings under the line of credit.

8. Capital Stock.The Fund offers four classes of shares – Class AAA Shares, Class A Shares, Class C Shares, and Class I Shares. Class AAA and Class I Shares are offered without a sales charge. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge for one year after purchase.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended March 31, 2020, if any, can be found in the Statement of Changes in Net Assets under Redemption Fees.

13

The Gabelli Global Financial Services Fund

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:

	Six Months Ended March 31, 2020 (Unaudited)						Year Ended September 30, 2019(a)
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		4,831		$	42,691			19,438		$	181,324
Shares issued upon reinvestment of distributions		172			1,647			37			310
Shares redeemed		(11,764	)		(101,205	)		(4,703	)		(42,432	)
Net increase/(decrease)		(6,761	)	$	(56,867	)		14,772		$	139,202
Class A
Shares sold		—			—			1,095		$	10,260
Shares issued upon reinvestment of distributions		27		$	264			0*			3
Shares redeemed		(25	)		(240	)		—			—
Net increase		2		$	24			1,095		$	10,263
Class C
Shares sold		—			—			100		$	1,000
Shares issued upon reinvestment of distributions		2		$	17			0*			1
Net increase		2		$	17			100		$	1,001
Class I
Shares sold		355,795		$	3,246,763			1,431,995		$	13,836,051
Shares issued upon reinvestment of distributions		39,082			374,401			5,363			44,565
Shares redeemed		(3,744	)		(34,896	)		(515	)		(4,378	)
Net increase		391,133		$	3,586,268			1,436,843		$	13,876,238

(a) The Fund commenced investment operations on October 1, 2018.

* Represents fewer than 0.50 shares.

9. Significant Shareholder.As of March 31, 2020, approximately 95.7% of the Fund was beneficially owned by the Adviser and its affiliates.

10. Indemnifications.The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

11. Subsequent Events.Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

14

The Gabelli Global Financial Services Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited)

During the six months ended March 31, 2020, the Board of Directors of the Corporation approved the continuation of the investment advisory agreement with the Adviser for the Fund on the basis of the recommendation by the Directors (the Independent Board Members) who are not “interested persons” of the Fund. The following paragraphs summarize the material information and factors considered by the Independent Board Members as well as their conclusions relative to such factors.

Nature, Extent, and Quality of Services.The Independent Board Members considered information regarding the portfolio manager, the depth of the analyst pool available to the Adviser and the portfolio manager, the scope of supervisory, administrative, shareholder, and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board. The Independent Board Members noted the experience, length of service, and reputation of the portfolio manager.

Investment Performance.The Independent Board Members reviewed the short term performance of the Fund (as of December 31, 2019) of the Fund against a peer group of nine other comparable funds prepared by the Adviser (the Adviser Peer Group) and against a peer group prepared by Broadridge (the Broadridge Performance Peer Group) consisting of the Fund and all retail and institutional global financial services fund, regardless of asset size or primary channel of distribution. The Independent Board Members noted that the Fund’s performance was in the fourth quartile for the one year period, as measured against the Adviser Peer Group. Against the Broadridge Performance Peer Group, the Independent Board Members noted that the Fund’s performance was in the fourth quintile for the one year period.

Profitability.The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser both with an administrative overhead charge and without such a charge. The Independent Board Members also noted that a substantial portion of the Fund’s portfolio transactions were executed by an affiliated broker, that another affiliated broker received distribution fees and minor amounts of sales commissions, and that the Adviser received a moderate level of soft dollar research benefits through the Fund’s portfolio brokerage.

Economies of Scale.The Independent Board Members discussed the major elements of the Adviser’s cost structure and the relationship of those elements to potential economies of scale and reviewed data provided by the Adviser.

Sharing of Economies of Scale.The Independent Board Members noted that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may develop.

Service and Cost Comparisons.The Independent Board Members compared the expense ratios of the investment management fee, other expenses, and total expenses of the Fund to similar expense ratios of the Adviser Peer Group and a peer group of two other global financial services funds and seven other financial services funds selected by Broadridge and noted that the Adviser’s management fee includes substantially all administrative services for the Fund as well as investment advisory services. The Independent Board Members noted that the Fund’s expense ratios were below average within each peer group and that the Fund’s size was below average within the Adviser Peer Group and below average within the peer group of comparable funds selected by Broadridge. The Independent Board Members also noted that the management fee structure was the same as that in effect for most of the Gabelli funds. The Independent Board Members were presented with, but did

15

The Gabelli Global Financial Services Fund

Board Consideration and Re-Approval of Advisory Agreement (Unaudited) (Continued)

not consider to be material to their decision, various information comparing the advisory fee with the fee for other types of accounts managed by the Adviser.

Conclusions.The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary services. The Independent Board Members noted the reasons for the Fund’s underperformance and the steps the Adviser was taking to improve performance and indicated that they would continue to evaluate the Fund. The Independent Board Members also concluded that the Fund’s expense ratios and profitability to the Adviser were acceptable, and that economies of scale were not a significant factor in their thinking at this time. The Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend continuation of the investment management agreement to the full Board.

Based on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board Members determined to approve the continuation of the Fund’s Advisory Agreement. The Board Members based its decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

16

Gabelli/GAMCO Funds and Your Personal Privacy

Who are we?

The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc., a publicly held company with subsidiaries and affiliates that provide investment advisory services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

● Information you give us on your application form.This could include your name, address, telephone number, social security number, bank account number, and other information.

● Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you.This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

This page was intentionally left blank.

THE GABELLI GLOBAL FINANCIAL SERVICES FUND

One Corporate Center

Rye, NY 10580-1422

Portfolio Manager Biography

Ian Lapeyjoined Gabelli in October 2018 as a portfolio manager. Prior to joining Gabelli, Mr. Lapey was a research analyst and partner at Moerus Capital Management LLC. Prior to joining Moerus, he was a partner, research analyst, and a portfolio manager at Third Avenue Management. Mr. Lapey holds an MBA in Finance and Statistics from the Stern School of Business at New York University. He also holds a Master’s degree in Accounting from Northeastern University and a BA in Economics from Williams College.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

Gabelli Equity Series Funds, Inc.

THE GABELLI GLOBAL FINANCIAL SERVICES FUND

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

by calling 800-GABELLI after 7:00 P.M.

BOARD OF DIRECTORS

Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group, Inc. Elizabeth C. Bogan Senior Lecturer, Princeton University Anthony J. Colavita President, Anthony J. Colavita, P.C. Vincent D. Enright Former Senior Vice President and Chief Financial Officer, KeySpan Corp. John D. Gabelli Senior Vice President, G.research, LLC Robert J. Morrissey Partner, Morrissey, Hawkins & Lynch Kuni Nakamura President, Advanced Polymer, Inc. Anthonie C. van Ekris Chairman, BALMAC International, Inc.

Salvatore J. Zizza Chairman, Zizza & Associates Corp. OFFICERS Bruce N. Alpert President John C. Ball Treasurer Andrea R. Mango Secretary Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc. LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP

This report is submitted for the general information of the shareholders of The Gabelli Global Financial Services Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB3630Q120SR

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

The Gabelli Small Cap Growth Fund

Schedule of Investments — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 100.7%
		Aerospace — 2.7%
	926,000	Aerojet Rocketdyne Holdings Inc.†	$	4,632,922	$	38,734,580
	20,000	Allied Motion Technologies Inc.		664,462		474,000
	40,000	Innovative Solutions & Support Inc.†		130,088		127,600
				5,427,472		39,336,180
		Agriculture — 0.0%
	12,000	Cadiz Inc.†		93,950		140,040
	8,000	Limoneira Co.		177,328		104,800
				271,278		244,840
		Automotive — 1.3%
	1,125,000	Navistar International Corp.†		29,112,290		18,551,250
	11,000	PACCAR Inc.		417,519		672,430
				29,529,809		19,223,680
		Automotive: Parts and Accessories — 2.8%
	188,000	BorgWarner Inc.		928,331		4,581,560
	88,022	China Automotive Systems Inc.†		420,368		153,158
	1,140,000	Dana Inc.		9,650,817		8,903,400
	905,000	Freni Brembo SpA		1,683,047		6,782,260
	565,000	Modine Manufacturing Co.†		6,214,690		1,836,250
	18,000	Monro Inc.		80,738		788,580
	6,000	O’Reilly Automotive Inc.†		129,115		1,806,300
	45,000	Puradyn Filter Technologies Inc.†		11,732		358
	95,000	SORL Auto Parts Inc.†		310,120		394,250
	85,000	Spartan Motors Inc.		462,294		1,097,350
	192,000	Standard Motor Products Inc.		1,469,754		7,981,440
	200,000	Strattec Security Corp.(a)		4,016,784		2,894,000
	93,000	Superior Industries International Inc.		1,178,429		111,600
	332,000	Tenneco Inc., Cl. A		1,556,266		1,195,200
	22,000	Thor Industries Inc.		203,809		927,960
	144,000	Uni-Select Inc.		1,804,671		522,874
				30,120,965		39,976,540
		Aviation: Parts and Services — 3.4%
	22,500	AAR Corp.		264,665		399,600
	9,500	Astronics Corp.†		13,628		87,210
	22,700	Astronics Corp., Cl. B†		31,898		206,570
	47,000	Ducommun Inc.†		962,653		1,167,950
	769,000	Kaman Corp.		12,943,778		29,583,430
	90,000	Moog Inc., Cl. A		1,139,951		4,547,700
	16,500	Moog Inc., Cl. B		496,050		925,403
	4,780,000	Signature Aviation plc		12,265,742		9,796,420
	37,500	Woodward Inc.		347,524		2,229,000
				28,465,889		48,943,283

Shares			Cost		Market Value
		Broadcasting — 1.6%
	335,000	Beasley Broadcast Group Inc., Cl. A	$	1,877,742	$	619,750
	10,000	Cogeco Communications Inc.		340,851		678,391
	23,300	Cogeco Inc.		592,837		1,438,431
	200,000	Corus Entertainment Inc., Cl. B		737,530		356,711
	40,000	Fox Corp., Cl. A		1,662,000		945,200
	25,000	Gray Television Inc.†		73,674		268,500
	72,350	Gray Television Inc., Cl. A†		386,480		859,518
	415,000	ITV plc		899,780		340,313
	17,000	Liberty Broadband Corp., Cl. A†		104,375		1,819,000
	13,000	Liberty Broadband Corp., Cl. C†		69,160		1,439,360
	20,000	Liberty Media Corp.-Liberty Formula One, Cl. A†		66,962		516,400
	27,000	Liberty Media Corp.-Liberty Formula One, Cl. C†		91,359		735,210
	68,000	Liberty Media Corp.-Liberty SiriusXM, Cl. A†		228,582		2,154,920
	26,000	Liberty Media Corp.-Liberty SiriusXM, Cl. C†		79,330		822,120
	345,000	MSG Networks Inc., Cl. A†		2,147,239		3,519,000
	22,500	Nexstar Media Group Inc., Cl. A		1,380,375		1,298,925
	275,000	Salem Media Group Inc.		4,672		240,350
	160,000	Sinclair Broadcast Group Inc., Cl. A		1,221,814		2,572,800
	480,000	Sirius XM Holdings Inc.		316,771		2,371,200
				12,281,533		22,996,099
		Building and Construction — 3.8%
	79,000	Arcosa Inc.		942,643		3,139,460
	36,000	Armstrong Flooring Inc.†		543,158		51,480
	134,000	D.R. Horton Inc.		1,498,347		4,556,000
	29,000	Gibraltar Industries Inc.†		546,825		1,244,680
	468,000	Herc Holdings Inc.†		15,841,745		9,575,280
	146,000	KB Home		1,480,186		2,642,600
	404,000	Lennar Corp., Cl. B		9,908,376		11,683,680
	200,000	Louisiana-Pacific Corp.		1,617,791		3,436,000
	115,000	MDC Holdings Inc.		2,310,099		2,668,000
	32,000	Meritage Homes Corp.†		615,151		1,168,320
	2,700	NVR Inc.†		1,908,453		6,936,597
	188,000	PulteGroup Inc.		1,205,307		4,196,160
	65,000	Titan Machinery Inc.†		1,078,654		564,850
	179,000	Toll Brothers Inc.		3,254,135		3,445,750
				42,750,870		55,308,857
		Business Services — 3.6%
	15,000	ACCO Brands Corp.		75,774		75,750
	700,000	Clear Channel Outdoor Holdings Inc.†		1,986,709		448,000

See accompanying notes to financial statements.

1

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Business Services (Continued)
	505,000	Diebold Nixdorf Inc.†	$	5,332,799	$	1,777,600
	100,000	Element Solutions Inc.†		958,798		836,000
	72,000	GP Strategies Corp.†		595,984		468,720
	13,000	GSE Systems Inc.†		18,200		12,119
	240,000	IAA Inc.†		1,977,996		7,190,400
	243,583	Internap Corp.†		1,531,003		7,551
	260,000	Live Nation Entertainment Inc.†		2,229,413		11,819,600
	60,000	Loomis AB, Cl. B		604,296		1,225,164
	175,000	Macquarie Infrastructure Corp.		34,359		4,418,750
	16,000	McGrath RentCorp		411,253		838,080
	20,000	Sealed Air Corp.		587,044		494,200
	95,000	Sohgo Security Services Co. Ltd.		1,123,523		4,647,291
	11,500	Stamps.com Inc.†		97,310		1,495,920
	340,000	Team Inc.†		5,235,883		2,210,000
	540,000	The Interpublic Group of Companies Inc.		2,465,587		8,742,600
	25,000	TransAct Technologies Inc.		115,198		77,750
	1,765,000	Trans-Lux Corp.†(a)		1,740,044		983,987
	42,500	United Rentals Inc.†		374,458		4,373,250
	6,000	Vectrus Inc.†		120,235		248,460
				27,615,866		52,391,192
		Cable — 0.8%
	160,000	AMC Networks Inc., Cl. A†		1,836,742		3,889,600
	42,225	DISH Network Corp., Cl. A†		820,257		844,078
	30,000	EchoStar Corp., Cl. A†		479,334		959,100
	127,000	Liberty Global plc, Cl. A†		2,858,031		2,096,770
	240,000	Liberty Global plc, Cl. C†		5,080,843		3,770,400
	92,000	WideOpenWest Inc.†		724,897		437,920
				11,800,104		11,997,868
		Communications Equipment — 0.1%
	249,000	Communications Systems Inc.		1,694,752		1,110,540
		Computer Software and Services — 2.4%
	30,000	3D Systems Corp.†		369,320		231,300
	100,000	Activision Blizzard Inc.		1,409,664		5,948,000
	655,000	Alithya Group Inc., Cl. A†		2,474,779		1,152,800
	190,000	Avid Technology Inc.†		1,146,316		1,278,700
	323,000	GTY Technology Holdings Inc.†		3,167,886		1,459,960
	18,000	MKS Instruments Inc.		324,981		1,466,100
	42,000	Rockwell Automation Inc.		994,527		6,338,220
	105,000	Stratasys Ltd.†		2,325,364		1,674,750
	51,500	Tyler Technologies Inc.†		112,700		15,272,840
				12,325,537		34,822,670

Shares			Cost		Market Value
		Consumer Products — 2.4%
	45,000	1-800-Flowers.com Inc., Cl. A†	$	95,909	$	595,350
	91,000	Brunswick Corp.		2,438,765		3,218,670
	32,000	Chofu Seisakusho Co. Ltd.		461,495		757,405
	42,000	Church & Dwight Co. Inc.		71,488		2,695,560
	17,000	Energizer Holdings Inc.		709,960		514,250
	30,000	Ginko International Co. Ltd.		285,878		135,906
	2,000	Harley-Davidson Inc.		4,712		37,860
	146,400	Hunter Douglas NV		6,352,340		6,620,051
	2,500	Kobayashi Pharmaceutical Co. Ltd.		103,323		232,504
	8,000	LCI Industries		132,781		534,640
	257,000	Marine Products Corp.		161,319		2,076,560
	5,500	National Presto Industries Inc.		156,352		389,455
	230,000	Sally Beauty Holdings Inc.†		1,289,542		1,858,400
	220,000	Samick Musical Instruments Co. Ltd.		299,584		231,322
	10,000	Shimano Inc.		1,143,195		1,435,945
	14,000	Steven Madden Ltd.		34,457		325,220
	120,000	Swedish Match AB		2,339,405		6,890,033
	15,000	The ScottsMiracle-Gro Co.		292,839		1,536,000
	15,000	WD-40 Co.		404,029		3,012,750
	85,000	Wolverine World Wide Inc.		413,704		1,292,000
				17,191,077		34,389,881
		Consumer Services — 1.8%
	53,000	Bowlin Travel Centers Inc.†		53,947		171,720
	2,750	Collectors Universe Inc.		0		43,093
	3,000	H&E Equipment Services Inc.		67,163		44,040
	7,600	IAC/InterActiveCorp.†		82,659		1,362,148
	260,000	KAR Auction Services Inc.		1,330,391		3,120,000
	600,000	Rollins Inc.		925,316		21,684,000
				2,459,476		26,425,001
		Diversified Industrial — 9.1%
	14,500	Acuity Brands Inc.		139,264		1,242,070
	70,000	Albany International Corp., Cl. A		1,440,744		3,313,100
	141,000	Ampco-Pittsburgh Corp.†		1,102,038		352,500
	71,000	Burnham Holdings Inc., Cl. A		1,264,423		727,750
	376,000	Crane Co.		8,429,294		18,491,680
	122,000	EnPro Industries Inc.		6,701,737		4,828,760
	115,000	Greif Inc., Cl. A		2,267,516		3,575,350
	96,000	Greif Inc., Cl. B		4,364,583		3,845,760
	1,438,000	Griffon Corp.		16,580,530		18,190,700
	3,000	Haynes International Inc.		91,815		61,830
	190,000	Jardine Strategic Holdings Ltd.		3,487,637		4,218,000
	6,000	JSP Corp.		134,248		78,010
	87,000	Kimball International Inc., Cl. B		826,893		1,036,170

See accompanying notes to financial statements.

2

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Diversified Industrial (Continued)
	50,000	L.B. Foster Co., Cl. A†	$	642,804	$	618,000
	55,500	Lawson Products Inc.†		740,545		1,482,960
	69,500	Lincoln Electric Holdings Inc.		1,823,177		4,795,500
	50,000	Lindsay Corp.		1,124,839		4,579,000
	27,000	Lydall Inc.†		286,221		174,420
	39,000	Matthews International Corp., Cl. A		1,149,612		943,410
	971,000	Myers Industries Inc.		13,599,431		10,438,250
	15,000	nVent Electric plc		172,689		253,050
	89,000	Oil-Dri Corp. of America		725,932		2,976,160
	22,000	Olin Corp.		375,150		256,740
	300,000	Park-Ohio Holdings Corp.		2,639,467		5,682,000
	14,000	Pentair plc		339,112		416,640
	94,000	Raven Industries Inc.		2,319,682		1,995,620
	18,000	Roper Technologies Inc.		339,227		5,612,580
	78,000	Sonoco Products Co.		2,325,445		3,615,300
	56,000	Standex International Corp.		1,494,342		2,745,120
	456,000	Steel Connect Inc.†		1,537,251		342,000
	282,500	Steel Partners Holdings LP†		4,768,395		1,532,111
	15,000	T. Hasegawa Co. Ltd.		280,594		284,166
	8,000	Terex Corp.		190,480		114,880
	371,000	Textron Inc.		2,284,093		9,894,570
	487,000	Tredegar Corp.		7,981,518		7,611,810
	230,000	Trinity Industries Inc.		2,621,672		3,696,100
	50,000	Ultra Electronics Holdings plc		1,005,460		1,247,066
				97,597,860		131,269,133
		Electronics — 2.0%
	162,500	Badger Meter Inc.		2,170,980		8,710,000
	220,000	Bel Fuse Inc., Cl. A(a)		4,242,231		1,540,000
	528,000	CTS Corp.		4,866,324		13,141,920
	36,000	Daktronics Inc.		319,419		177,480
	129,500	Gentex Corp.		1,338,592		2,869,720
	40,000	IMAX Corp.†		583,383		362,000
	40,000	Renesas Electronics Corp.†		259,355		144,711
	84,000	Stoneridge Inc.†		484,281		1,407,000
				14,264,565		28,352,831
		Energy and Utilities — 2.6%
	26,000	Avangrid Inc.		1,012,747		1,138,280
	2,333	Black Ridge Oil and Gas Inc.†		7,559		4,666
	440,000	Callon Petroleum Co.†		1,096,150		241,076
	25,000	Chesapeake Utilities Corp.		365,975		2,142,750
	35,500	CMS Energy Corp.		181,989		2,085,625
	11,000	Consolidated Water Co. Ltd.		141,093		180,400
	100,000	Covanta Holding Corp.		62,107		855,000
	58,000	Diamondback Energy Inc.		2,939,384		1,519,600
	46,000	Dril-Quip Inc.†		1,860,887		1,403,000
	76,000	Energy Recovery Inc.†		328,088		565,440
	43,000	KLX Energy Services Holdings Inc.†		481,711		30,100

Shares			Cost		Market Value
	25,000	Landis+Gyr Group AG	$	1,533,417	$	1,729,870
	25,000	Marathon Petroleum Corp.		123,445		590,500
	32,000	Middlesex Water Co.		540,944		1,923,840
	44,000	National Fuel Gas Co.		2,234,642		1,640,760
	11,000	Northwest Natural Holding Co.		518,541		679,250
	22,000	NorthWestern Corp.		596,754		1,316,260
	52,000	Oceaneering International Inc.†		777,949		152,880
	18,000	Otter Tail Corp.		357,906		800,280
	86,000	PNM Resources Inc.		703,631		3,268,000
	1,865,000	RPC Inc.		889,096		3,841,900
	20,000	Siemens Gamesa Renewable Energy SA		117,491		302,856
	94,000	SJW Group		1,740,116		5,430,380
	35,000	Southwest Gas Holdings Inc.		577,698		2,434,600
	9,000	Spire Inc.		354,680		670,320
	35,000	The York Water Co.		489,596		1,521,100
	11,000	Vestas Wind Systems A/S		94,711		897,992
				20,128,307		37,366,725
		Entertainment — 1.9%
	50,000	Discovery Inc., Cl. A†		863,334		972,000
	79,000	Discovery Inc., Cl. C†		524,418		1,385,660
	96,000	Inspired Entertainment Inc.†		620,597		324,480
	83,000	Liberty Media Corp.-Liberty Braves, Cl. A†		1,856,481		1,618,500
	229,165	Liberty Media Corp.-Liberty Braves, Cl. C†		3,427,012		4,367,885
	30,000	Manchester United plc, Cl. A		481,746		451,500
	14,000	Take-Two Interactive Software Inc.†		105,532		1,660,540
	57,500	The Madison Square Garden Co., Cl. A†		980,991		12,156,075
	7,000	The Walt Disney Co.		40,142		676,200
	62,000	Universal Entertainment Corp.		423,122		941,028
	72,000	World Wrestling Entertainment Inc., Cl. A		759,327		2,442,960
				10,082,702		26,996,828
		Environmental Services — 0.6%
	122,000	Republic Services Inc.		1,102,463		9,157,320
		Equipment and Supplies — 14.2%
	39,000	A.O. Smith Corp.		98,994		1,474,590
	447,000	AMETEK Inc.		760,611		32,192,940
	50,000	AZZ Inc.		1,714,863		1,406,000
	20,000	Chart Industries Inc.†		658,081		579,600
	167,000	CIRCOR International Inc.†		2,732,684		1,942,210
	383,000	Core Molding Technologies Inc.†		1,192,702		589,820
	148,000	Crown Holdings Inc.†		597,874		8,589,920
	2,025	Danaher Corp.		13,122		280,280

See accompanying notes to financial statements.

3

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Equipment and Supplies (Continued)
	118,000	Donaldson Co. Inc.	$	678,719	$	4,558,340
	80,000	Entegris Inc.		342,712		3,581,600
	300,000	Federal Signal Corp.		1,617,078		8,184,000
	249,000	Flowserve Corp.		1,610,407		5,948,610
	253,000	Franklin Electric Co. Inc.		995,139		11,923,890
	556,000	Graco Inc.		4,388,976		27,093,880
	60,000	IDEX Corp.		219,852		8,286,600
	230,000	Interpump Group SpA.		1,141,970		5,575,604
	15,500	Littelfuse Inc.		192,278		2,068,010
	55,000	Maezawa Kyuso Industries Co. Ltd.		359,609		980,051
	73,000	Minerals Technologies Inc.		3,456,444		2,646,980
	6,000	MSA Safety Inc.		179,592		607,200
	718,000	Mueller Industries Inc.		19,104,087		17,188,920
	560,000	Mueller Water Products Inc., Cl. A		4,328,446		4,485,600
	3,600	Teleflex Inc.		54,840		1,054,296
	180,000	Tennant Co.		3,114,068		10,431,000
	809,000	The Gorman-Rupp Co.		13,059,161		25,248,890
	110,000	The Greenbrier Companies Inc.		1,383,138		1,951,400
	230,000	The L.S. Starrett Co., Cl. A†		2,474,615		745,200
	33,000	The Manitowoc Co. Inc.†		364,240		280,500
	63,500	The Middleby Corp.†		737,975		3,611,880
	38,000	The Timken Co.		1,288,260		1,228,920
	30,000	The Toro Co.		524,020		1,952,700
	7,500	Valmont Industries Inc.		172,236		794,850
	28,500	Vicor Corp.†		141,341		1,269,390
	7,875	Watsco Inc., Cl. B		23,627		1,230,784
	64,000	Watts Water Technologies Inc., Cl. A		1,215,108		5,417,600
				70,936,869		205,402,055
		Financial Services — 3.7%
	7,500	Alleghany Corp.		1,172,420		4,142,625
	8,240	Ameris Bancorp		71,898		195,782
	26,000	Argo Group International Holdings Ltd.		519,859		963,560
	8,900	BKF Capital Group Inc.†		128,886		90,201
	16,000	Cadence BanCorp		360,668		104,800
	131,000	Calamos Asset Management Inc., Escrow†(b)		0		0
	12,000	Capitol Federal Financial Inc.		120,000		139,320
	22,000	Crazy Woman Creek Bancorp Inc.		343,564		355,300
	360,000	Energy Transfer LP.		0		1,656,000
	124	Farmers & Merchants Bank of Long Beach		810,024		744,000
	418,000	Flushing Financial Corp.		7,143,329		5,584,480
	66,000	FNB Corp.		659,922		486,420
	325,000	GAM Holding AG†		1,968,178		616,571

Shares			Cost		Market Value
	290,000	Hope Bancorp Inc.	$	3,236,117	$	2,383,800
	445,000	Huntington Bancshares Inc.		4,259,229		3,653,450
	740,000	KKR & Co. Inc., Cl. A		3,198,906		17,367,800
	2,500	Manning & Napier Inc.		4,346		3,125
	90,000	Medallion Financial Corp.†		441,580		167,400
	56,000	Pzena Investment Management Inc., Cl. A		498,969		249,760
	43,072	Sandy Spring Bancorp Inc.		1,493,212		975,150
	15,000	Sculptor Capital Management Inc.		352,001		203,100
	800	South State Corp.		58,904		46,984
	17,000	State Auto Financial Corp.		433,999		472,430
	404,000	Sterling Bancorp		4,356,771		4,221,800
	84,000	Synovus Financial Corp.		2,297,497		1,475,040
	20,000	TFS Financial Corp.		294,262		305,400
	15,000	Thomasville Bancshares Inc.		570,703		688,125
	230,000	Valley National Bancorp		1,437,500		1,681,300
	40,000	Value Line Inc.		539,679		1,294,000
	328,000	Waddell & Reed Financial Inc., Cl. A		4,930,835		3,732,640
	10,000	Waterloo Investment Holdings Ltd.†(b)		1,373		2,100
	133,000	Wright Investors’ Service Holdings Inc.†		90,952		57,190
				41,795,583		54,059,653
		Food and Beverage — 11.2%
	425,000	Arca Continental SAB de CV		763,179		1,715,407
	112,000	Brown-Forman Corp., Cl. A		859,906		5,754,560
	42,000	Bull-Dog Sauce Co. Ltd.		120,234		431,230
	2,100,000	China Tontine Wines Group Ltd.†		259,341		26,816
	211,000	Chr. Hansen Holding A/S		8,805,686		15,859,834
	342,000	Crimson Wine Group Ltd.†		3,036,313		1,998,990
	1,940,000	Davide Campari-Milano SpA.		4,985,096		14,014,558
	220,000	Denny’s Corp.†		736,620		1,689,600
	1,500,000	Dynasty Fine Wines Group Ltd.†		324,747		48,370
	103,000	Farmer Brothers Co.†		1,801,784		716,880
	423,000	Flowers Foods Inc.		1,005,404		8,679,960
	140,000	ITO EN Ltd.		2,749,441		7,447,570
	72,000	Iwatsuka Confectionery Co. Ltd.		2,829,558		2,162,846
	23,000	J & J Snack Foods Corp.		509,737		2,783,000
	134,000	Kameda Seika Co. Ltd.		5,412,648		6,162,567
	758,000	Kikkoman Corp.		7,064,277		32,463,055
	758,000	Maple Leaf Foods Inc.		13,277,070		13,745,584
	6,000	MEIJI Holdings Co. Ltd.		117,526		428,551
	32,000	MGP Ingredients Inc.		60,505		860,480
	84,000	Morinaga Milk Industry Co. Ltd.		1,670,479		3,265,473
	28,000	National Beverage Corp.†		1,198,271		1,194,200

See accompanying notes to financial statements.

4

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Food and Beverage (Continued)
	75,000	Nissin Foods Holdings Co. Ltd.	$	2,555,362	$	6,277,610
	15,000	Post Holdings Inc.†		62,689		1,244,550
	200,000	Rock Field Co. Ltd.		1,491,450		2,728,668
	4,000	The Boston Beer Co. Inc., Cl. A†		76,680		1,470,240
	65,000	The J.M. Smucker Co.		1,558,840		7,215,000
	625,000	Tingyi (Cayman Islands) Holding Corp.		1,326,207		1,022,218
	286,001	Tootsie Roll Industries Inc.		4,658,937		10,284,596
	15,000	United Natural Foods Inc.†		178,073		137,700
	410,000	Vina Concha y Toro SA		756,187		517,350
	1,225,000	Vitasoy International Holdings Ltd.		775,472		3,713,199
	20,000	Willamette Valley Vineyards Inc.†		73,225		96,000
	100,000	Yakult Honsha Co. Ltd.		2,378,860		5,942,804
				73,479,804		162,099,466
		Health Care — 7.2%
	2,500	Align Technology Inc.†		17,439		434,875
	7,000	Bio-Rad Laboratories Inc., Cl. A†		312,891		2,453,920
	15,000	Bruker Corp.		126,976		537,900
	60,000	Cantel Medical Corp.		618,282		2,154,000
	2,500	Chemed Corp.		34,389		1,083,000
	25,200	CONMED Corp.		529,270		1,443,204
	33,000	Covetrus Inc.†		160,384		268,620
	440,000	Cutera Inc.†		6,245,429		5,746,400
	25,000	DexCom Inc.†		150,394		6,731,750
	44,000	Evolent Health Inc., Cl. A†		578,320		238,920
	180,000	Globus Medical Inc., Cl. A†		4,119,446		7,655,400
	75,000	Henry Schein Inc.†		515,422		3,789,000
	31,700	ICU Medical Inc.†		1,144,523		6,396,109
	52,300	Masimo Corp.†		1,286,366		9,263,376
	105,000	Meridian Bioscience Inc.†		1,730,986		882,000
	25,400	Neogen Corp.†		537,448		1,701,546
	123,000	NuVasive Inc.†		3,389,328		6,231,180
	216,000	OPKO Health Inc.†		569,980		289,440
	134,000	Orthofix Medical Inc.†		3,031,520		3,753,340
	44,000	Owens & Minor Inc.		150,471		402,600
	40,000	Patterson Cos. Inc.		888,248		611,600
	306,000	Quidel Corp.†		2,672,904		29,929,860
	100,000	RTI Surgical Holdings Inc.†		438,448		171,000
	25,000	Seikagaku Corp.		292,810		262,265
	19,200	STERIS plc		1,431,168		2,687,424
	1,900	Straumann Holding AG		170,618		1,424,062
	3,000	Stryker Corp.		142,188		499,470
	33,000	SurModics Inc.†		672,779		1,099,560
	31,500	Teladoc Health Inc.†		1,057,620		4,882,815
	1,100	The Cooper Companies Inc.		39,899		303,237

Shares			Cost		Market Value
	38,000	United-Guardian Inc.	$	332,419	$	549,100
				33,388,365		103,876,973
		Home Furnishings — 0.2%
	202,000	Bassett Furniture Industries Inc.		2,165,806		1,100,900
	17,000	Ethan Allen Interiors Inc.		401,956		173,740
	83,000	La-Z-Boy Inc.		1,390,323		1,705,650
				3,958,085		2,980,290
		Hotels and Gaming — 3.5%
	240,000	Boyd Gaming Corp.		1,446,176		3,460,800
	190,540	Canterbury Park Holding Corp.		1,961,480		1,979,711
	156,000	Churchill Downs Inc.		1,539,788		16,060,200
	136,000	Formosa International Hotels Corp.		930,665		492,436
	556,000	Full House Resorts Inc.†		1,630,091		695,000
	50,000	Gaming and Leisure Properties Inc., REIT		397,717		1,385,500
	1,000,000	Genting Singapore Ltd.		969,758		485,454
	170,000	Golden Entertainment Inc.†		1,518,492		1,123,700
	3,000,000	Mandarin Oriental International Ltd.		4,216,476		3,840,000
	8,000	Penn National Gaming Inc.†		34,742		101,200
	420,000	Ryman Hospitality Properties Inc., REIT		10,038,497		15,057,000
	2,950,000	The Hongkong & Shanghai Hotels Ltd.		3,184,911		2,351,553
	250,000	The Marcus Corp.		2,918,497		3,080,000
	19,000	Wynn Resorts Ltd.		87,274		1,143,610
				30,874,564		51,256,164
		Machinery — 2.0%
	355,000	Astec Industries Inc.		12,462,339		12,414,350
	1,515,000	CNH Industrial NV		4,718,597		8,499,150
	158,000	Kennametal Inc.		2,940,855		2,941,960
	6,000	Nordson Corp.		107,171		810,420
	170,000	The Eastern Co.		3,312,976		3,315,000
	154,000	Twin Disc Inc.†		2,167,027		1,074,920
	90,000	Welbilt Inc.†		434,686		461,700
				26,143,651		29,517,500
		Manufactured Housing and Recreational Vehicles — 1.1%
	75,600	Cavco Industries Inc.†		1,587,312		10,957,464
	70,000	Nobility Homes Inc.		764,895		1,547,000
	85,000	Skyline Champion Corp.†		500,100		1,332,800
	55,000	Winnebago Industries Inc.		637,722		1,529,550
				3,490,029		15,366,814
		Metals and Mining — 0.1%
	46,000	Allegheny Technologies Inc.†		733,209		391,000
	45,000	Ivanhoe Mines Ltd., Cl. A†		117,783		74,824
	100,000	Kinross Gold Corp.†		453,144		398,000

See accompanying notes to financial statements.

5

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Metals and Mining (Continued)
	85,000	TimkenSteel Corp.†	$	848,409	$	274,550
	30,000	Turquoise Hill Resources Ltd.†		65,995		11,454
				2,218,540		1,149,828
		Publishing — 0.7%
	2,600	Graham Holdings Co., Cl. B		1,160,611		887,042
	5,000	John Wiley & Sons Inc., Cl. B		19,375		188,200
	49,000	Meredith Corp.		1,372,056		598,780
	50,000	News Corp., Cl. A		70,644		448,750
	1,105,000	The E.W. Scripps Co., Cl. A		8,535,622		8,331,700
				11,158,308		10,454,472
		Real Estate — 2.2%
	78,500	Capital Properties Inc., Cl. A		935,416		1,187,313
	259,500	Griffin Industrial Realty Inc.(a)		4,785,425		8,485,650
	6,967	Gyrodyne LLC†		201,352		99,628
	19,000	Lamar Advertising Co., Cl. A, REIT		122,955		974,320
	91,000	Morguard Corp.		1,153,893		8,541,313
	95,000	Reading International Inc., Cl. A†		1,503,996		369,550
	2,837	Reading International Inc., Cl. B†		59,157		46,612
	26,000	Seritage Growth Properties, Cl. A, REIT		1,067,855		236,860
	164,000	Tejon Ranch Co.†		3,976,228		2,305,840
	572,000	The St. Joe Co.†		9,354,146		9,598,160
	100,000	Trinity Place Holdings Inc.†		359,455		182,000
				23,519,878		32,027,246
		Retail — 5.2%
	17,000	Aaron’s Inc.		12,956		387,260
	133,000	AutoNation Inc.†		2,167,378		3,731,980
	19,000	Barnes & Noble Education Inc.†		139,692		25,840
	39,000	Big 5 Sporting Goods Corp.		269,314		41,730
	2,500	Biglari Holdings Inc., Cl. A†		1,952,518		742,500
	1,000	Casey’s General Stores Inc.		35,644		132,490
	108,500	Copart Inc.†		921,699		7,434,420
	2,500	Dunkin’ Brands Group Inc.		47,500		132,750
	145,000	GNC Holdings Inc., Cl. A†		431,497		67,875
	760,000	Hertz Global Holdings Inc.†		11,200,168		4,696,800
	596,800	Ingles Markets Inc., Cl. A		9,396,169		21,580,288
	75,000	Lands’ End Inc.†		1,230,856		400,500
	71,000	Macy’s Inc.		867,658		348,610
	85,000	Movado Group Inc.		1,429,062		1,004,700
	157,000	Nathan’s Famous Inc.		241,163		9,577,000
	81,000	Penske Automotive Group Inc.		1,188,232		2,268,000

Shares			Cost		Market Value
	93,000	Pets at Home Group plc	$	159,631	$	297,336
	284,000	Rush Enterprises Inc., Cl. B		3,190,043		8,664,840
	8,500	Salvatore Ferragamo SpA.		173,169		113,433
	299,000	The Cheesecake Factory Inc.		7,954,904		5,106,920
	60,000	Tractor Supply Co.		518,169		5,073,000
	44,500	Village Super Market Inc., Cl. A		1,129,564		1,093,810
	55,000	Weis Markets Inc.		1,727,131		2,291,300
	600	Winmark Corp.		41,191		76,452
				46,425,308		75,289,834
		Specialty Chemicals — 3.2%
	79,000	Albemarle Corp.		2,224,163		4,453,230
	29,000	Ashland Global Holdings Inc.		218,330		1,452,030
	1,870,000	Ferro Corp.†		9,443,558		17,503,200
	101,000	GCP Applied Technologies Inc.†		2,675,914		1,797,800
	91,200	General Chemical Group Inc.†		1,186		593
	286,000	H.B. Fuller Co.		3,635,452		7,987,980
	16,000	Hawkins Inc.		490,332		569,600
	74,000	Huntsman Corp.		243,255		1,067,820
	11,400	NewMarket Corp.		1,165,656		4,364,718
	10,200	Quaker Chemical Corp.		162,280		1,288,056
	80,000	Sensient Technologies Corp.		1,562,575		3,480,800
	16,000	SGL Carbon SE†		146,810		43,834
	6,000	Takasago International Corp.		160,690		112,551
	170,000	Valvoline Inc.		594,483		2,225,300
				22,724,684		46,347,512
		Telecommunications — 1.2%
	78,000	Consolidated Communications Holdings Inc.		511,823		354,900
	134,000	Gogo Inc.†		922,190		284,080
	140,000	HC2 Holdings Inc.†		519,712		217,000
	6,000	IDT Corp., Cl. B†		25,437		32,520
	112,000	Iridium Communications Inc.†		1,092,455		2,500,960
	24,000	Liberty Latin America Ltd., Cl. C†		474,042		246,240
	55,000	Loral Space & Communications Inc.†		2,193,920		893,750
	130,000	Nuvera Communications Inc.		1,161,754		1,924,000
	85,000	Rogers Communications Inc., Cl. B		307,210		3,530,050
	100,000	Shenandoah Telecommunications Co.		246,392		4,925,000
	721,000	VEON Ltd., ADR		1,455,127		1,088,710
	15,000	Verizon Communications Inc.		72,206		805,950
				8,982,268		16,803,160
		Transportation — 1.9%
	441,200	GATX Corp.		12,978,847		27,601,472
	18,600	Irish Continental Group plc		13,660		66,465

See accompanying notes to financial statements.

6

The Gabelli Small Cap Growth Fund

Schedule of Investments (Continued) — March 31, 2020 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS (Continued)
		Transportation (Continued)
	110,000	Navigator Holdings Ltd.†	$	1,202,839	$	490,600
				14,195,346		28,158,537
		Wireless Communications — 0.2%
	32,000	Millicom International Cellular SA, SDR		1,318,744		904,438
	54,000	United States Cellular Corp.†		2,087,849		1,581,660
				3,406,593		2,486,098
		TOTAL COMMON STOCKS		781,808,400		1,457,585,070
		CLOSED-END FUNDS — 0.2%
	75,000	MVC Capital Inc.		653,952		327,750
	56,848	The Central Europe, Russia, and Turkey Fund Inc.		1,274,776		997,131
	32,729	The European Equity Fund Inc.		325,355		231,394
	119,537	The New Germany Fund Inc.		1,659,113		1,387,825
		TOTALCLOSED-END FUNDS		3,913,196		2,944,100
		PREFERRED STOCKS — 0.2%
		Automotive: Parts and Accessories — 0.2%
	124,000	Jungheinrich AG		851,129		1,907,797

Shares			Cost		Market Value
		RIGHTS — 0.0%
		Entertainment — 0.0%
	1,680,000	Media General Inc., CVR†(b)	$	2	$	2
		TOTAL MISCELLANEOUS INVESTMENTS —0.1%(c)		1,550,115		2,067,190
		TOTAL INVESTMENTS — 101.2%	$	788,122,842		1,464,504,159
		Other Assets and Liabilities (Net) — (1.2)%				(17,273,484	)
		NET ASSETS — 100.0%			$	1,447,230,675

(a) Security considered an affiliated holding because the Fund owns at least 5% of its outstanding shares.

(b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(c) Represents previously undisclosed, unrestricted securities which the Fund has held for less than one year.

† Non-income producing security.

ADR American Depositary Receipt

CVR Contingent Value Right

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

See accompanying notes to financial statements.

7

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                            Gabelli Equity Series Funds, Inc.

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date 5/29/2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date 5/29/2020

By (Signature and Title)*	/s/ John C. Ball
	John C. Ball, Principal Financial Officer and Treasurer

Date 5/29/2020

^* Print the name and title of each signing officer under his or her signature.